The first chart is the daily EOD Friday. I was looking to short SNDA below the middle blue line around $55.00.SNDA gapped down on the open and carved out a hanging man (sort of - long lower shadow). The next stick was an IB in the lower shadow of the HM. The only caveat was the distance of the down sloping 5 period EMA (pink). I decided to take the trade anyway with a stop at PDL. If the distance from 5 ema too wide, stop has to be placed accordingly.
After my entry SNDA printed a doji with long lower shadow, which looked like it wanted to retrace and it did, but it held S1 as resistance and came back down for a fast move to the 50% FE of the late day swing high to the ORL. My target on the second half was eventually reached.The daily has now carved out a base at $50.00 from a double top. Today's selling on high volume. So we have three consecutive lower closes on accelerating volume - looking for consolidation at the base, prior to BO.
Chinese internet ADRs, as a group were weak today - SOHU, SINA, NTES.
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