RYTM
This stock seems to be following a textbook Wyckoff market cycle and appears to be transitioning from markup to markdown. Mid May was the beginning of a multi week base building/accumulation On June 16-17 we can see the "spring" that preceded a huge markup in prices. After that a sharp rally in prices into the $11-$13 range that formed a pennant continuation pattern, then earnings came and boom it shot into a preliminary supply area(PSY) followed by a 35% move from $20 to a day high of 27.21 buying climax (BC). Last weeks UTAD failed rally/ blowoff top on high volume gave way to this weeks feeble rally with red hourly candles on high volume, showing that big players are dumping shares onto greedy retail traders, who are providing liquidity. A crown has formed and todays large red candles punched down into lower prices with a high probability of lower prices in the future. The last points of supply (LPSY) seem inevitable. Given the context of Julys " bad news is good news" rallies in many stocks this was one that wasn't left behind. It appreciated 10x from its June low!
This stock is slowly dripping down into a low volume area. Once there, it might just liquidate dramatically downside. Will be on the lookout next week for any relief rallies that will provide low risk short entries. Ultimate target would be the $17.04 .5 fib or $13.76 .618 fib range, potentially lower considering the current state of the market.
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注文をキャンセル:
Not a good short candidate after all.
トレード終了: 利益確定目標に到達:
Didn't trade this but I wish I did! price target was reached but months later.