Same bearish setup for both FLSH and SNDK - double rounded tops with negative divergence of the RSI. The second rounded tops on both charts made higher highs than the first, however, the second tops are wider and indicate that there is far too much supply at these lofty prices. These types of patterns generally have deep pullbacks.
2 comments:
Jamie,
Nice post. How do you find these formations? I've always tried but failed. But then again I don't know where to look.
Does software like eSignal help? Which do you prefer, telecharts or esginal?
Thanks.
Hi Yaser,
I have a list of 50 stocks that I watch very closely. I just saw these formations in reviewing the daily timeframes. Basically, this is how I find most of my setups. However, when nothing pops up on list, I run scans using Trade-Ideas and Stock charts.com
I've never used telecharts. My esignal is the basic version - used strictly for entry and exits as opposed to scanning.
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