Hello folks I have been busy this weekend, but I still wanted to get a video out for you folks even though its midnight at the time of recording. Lets get ready for next week!
We have officially triggered the head and shoulders pattern we were talking about in our previous video! BUT we have NOT YET CONFIRMED! If you have been a subscriber of mine for the past months you know me well enough that I always wait for confirmation. Am I risking profits on the short side? Yes but in a case like this you don't want to get faked out and you want the highest probability, that the move will play out. The odds are favoring a move down! Here are the factors why it could go down
1) Head and shoulders pattern that has triggered ( not confirmed)
2) Negative divergence RSI has officially broken
3) Stochastic RSI showing signs of loss in momentum
The bullish case:
1)Were still holding the parallel/LINE bull flag break out!
2) OIL/ oil refinery stocks are into technical resistance and could pull back at the level of the 2 month!
3) Tech is getting over sold and are into major technical areas of support! Signaling a technical bounce coming soon
Personally as a short term swing trader for me it makes ...