Large cap tech earnings tonight might stall the rally. The first chart is the daily Nasdaq futures, currently printing a bearish stick for the day.The second chart is the NQ futures 15 min., followed by MSFT and AMZN earnings fallout. BIDU, BRCM, JNPR also lower on earnings.
Get ready for some profit taking.
4 comments:
Jamie,
I took BUCY trade today on the break of 2nd bar high at $31.53 which was above my resistance line drawn on 7-day 15 min. chart at 31.34. SL was below the low of the 2nd bar. I was stopped out. Will appreciate your comment on this.
Day Tradr,
I don't get the resistance line at 31.34. I see 31.50 as the line. The only caveat here is the slope of the 50 sma which is flat signaling that there's no trend. 5- sma acts as resistance and it's a struggle to overcome it. Looks like a case of bad luck on the stop, assuming you gave it a little wiggle room.
Thanks Jamie. SL was 2 pennies below 2nd candle low. It went 1c below before moving up.
$31.34 from 7/21. I have been meaning to ask you for quite sometime. How do you draw your support & resistance lines? Where would your S&R lines be on AGU 10-day/15min chart?
Thanks,
Day Tradr
Price pivots into S/R levels and then backs off. Not counting days, but using wide range view AGU 42, 44, and 45 Usually occurs at whole and half $ levels.
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