Advanced Microsoft Channel (Daily)
Here is a strong channel (number of touches and correlations) of Microsoft.
Look to sell the highs (pink box) and buy the lows (green box).
I think it makes sense to buy with reduced risk as this is a bearish channel and the flow of money is to the downside.
That means that longs will fail more often.
It's already at a sell zone, so it just needs a bearish candlestick pattern for me to enter shorts.
Keep in mind that the lower than expected CPI numbers is suggesting to some people that the fed will increase rates at a slower pace.
This lead to the huge gap up and strong bullish bar.
Will that momentum continue and we see a channel breakout?
For now, I'll stick with the technicals and be more short bias than long bias.
All the best...
Cheers.
Look to sell the highs (pink box) and buy the lows (green box).
I think it makes sense to buy with reduced risk as this is a bearish channel and the flow of money is to the downside.
That means that longs will fail more often.
It's already at a sell zone, so it just needs a bearish candlestick pattern for me to enter shorts.
Keep in mind that the lower than expected CPI numbers is suggesting to some people that the fed will increase rates at a slower pace.
This lead to the huge gap up and strong bullish bar.
Will that momentum continue and we see a channel breakout?
For now, I'll stick with the technicals and be more short bias than long bias.
All the best...
Cheers.
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