Since we are at the Mercy of the market and are delayed a bit behind the SPY. I expect a nice strong open tomorrow morning. We closed right on a support and at the top of our channel. As I see it we should gap out of the channel and start to make our ascent upwards. If this happens our worst case scenario should see at least a 25% recovery tomorrow from the previous drop. That would put us around 10.50. If all goes to plan we should recover at least 50% which would be 11.26. This would be my sell and watch location. If we continue to hold there then it would be 11.50 and $12.00.
Worst case scenario is we drop at open. Look for 9.50 to be our next stop. As is it looks like we have a bottom however. So if you are in now set a stop loss at around 9.68 as a worst case and look to buy back at $9.50
I have a hypothesis that these are going to start trading in a sideways pattern somewhere between 10 and 12 dollars. Time will tell. Lets hope for the best tomorrow.
Worst case scenario is we drop at open. Look for 9.50 to be our next stop. As is it looks like we have a bottom however. So if you are in now set a stop loss at around 9.68 as a worst case and look to buy back at $9.50
I have a hypothesis that these are going to start trading in a sideways pattern somewhere between 10 and 12 dollars. Time will tell. Lets hope for the best tomorrow.