Where exactly is NYSE:FIT headed to?
After a showing signs of a bullish gartley chart, all NYSE:FIT needed was a really great earnings report to piggy back off a great bullish gartley formation. Trading movements can be somewhat predictable with TA but remember that dramatic movements require real FA.
Looking at the daily chart, we see the pre-ER hype + technical bound rising out of the descending wedge to a breakout attempt, only to be squashed down by what some would classify as a dissappointing ER. NYSE:FIT attempt at a breakout became a mess and even hit a new ATL.
So, is it all over for NYSE:FIT?
Maybe not.
There's a few interesting things that happened on the day of the post-ER.
Short term wise, this analysis would make sense given the price action for the past few days since hitting ATL.
Long term wise, NYSE:FIT is at the mercy of proper FA before TA can support any massive movements - til then bears are in control.
After a showing signs of a bullish gartley chart, all NYSE:FIT needed was a really great earnings report to piggy back off a great bullish gartley formation. Trading movements can be somewhat predictable with TA but remember that dramatic movements require real FA.
Looking at the daily chart, we see the pre-ER hype + technical bound rising out of the descending wedge to a breakout attempt, only to be squashed down by what some would classify as a dissappointing ER. NYSE:FIT attempt at a breakout became a mess and even hit a new ATL.
So, is it all over for NYSE:FIT?
Maybe not.
There's a few interesting things that happened on the day of the post-ER.
- Gap drop
- Doji formation
- Volume ticker that exploded into the green, to a level we haven't seen since August 2016
Short term wise, this analysis would make sense given the price action for the past few days since hitting ATL.
Long term wise, NYSE:FIT is at the mercy of proper FA before TA can support any massive movements - til then bears are in control.