A Big Test Coming Up For The Bulls at 2934!

17 באפר׳ 2020

Last week, I mentioned 2850 being a place to short only if it rejected nicely... We closed above that today & that opens up a rally to next resistance at 2934. That is a 38.2% retracement and I believe it's a great short, again, only if rejection is clear. The bulls are always running the show, so don't be surprised if it's pumped above that level. Short at will & take profits early... Anything above that level takes us to 3000, but if the rejection is clear we're going way down.

Two things to consider: 1. The virus is still alive & well 2. The Fed is pumping + GILD is making headway on treatment of COVID-19

Good luck out there! Trade well, not often!