Dashed lines mark a few levels on chart. Sometimes zooming out in time helps to really see price trends and patterns. Here you can see price has been consolidating in a rising channel since end of Jan. The more I look at this, the more I think price will eventually break the red line and continue lower.
Signs that bearish trend continues:
> 20sma (aqua) crosses below 50 (blue)
> 100ma (purple) holds as resistance while 20/50 MA's start turning down
> RSI returns below 50
> daily close below red line with continuation lower
As I write this, price is knocking on 202, which has also been a big level for me on my 30min chart. You can see to the left that price rose steeply, and I think if this channel breaks down then price will go to 188, 180. On the weekly chart price has already turned down from 20MA and is currently sandwiched between 20 and 100 MA's.
Signs that bearish trend continues:
> 20sma (aqua) crosses below 50 (blue)
> 100ma (purple) holds as resistance while 20/50 MA's start turning down
> RSI returns below 50
> daily close below red line with continuation lower
As I write this, price is knocking on 202, which has also been a big level for me on my 30min chart. You can see to the left that price rose steeply, and I think if this channel breaks down then price will go to 188, 180. On the weekly chart price has already turned down from 20MA and is currently sandwiched between 20 and 100 MA's.
Note
I am leaning bearish right now, but it is entirely possible that 202 holds and price starts rising. RSI will move higher and the 20sma will turn back up. Stochastic is more bullish right now while RSI is at 50 and can go either way. I will be watching this regularly for some good trades, in either direction.Note
Just finished a day trade: Bought 25Apr 200 strike puts at $0.87 and sold at $1.46. It may continue lower but I would like a bounce up first. I will be on the look out for ongoing swing and day trade opportunities in IWM. Right now price is at 50MA on 30min chart, and also at 10ema on daily chart, along with a bearish engulfing candle possible.
Note
Unfortunately there was not a bounce where I expected one. If you sell at your target and do not leave a runner it is okay. Look at the 5min chart and you can clearly see the 20sma rejection which provided another trade entry.Note
I added swing puts this morning - 29Apr 188 strike which I will trim today if 195 breaks lower, and 20May 180 strike.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.