Reversal Time? 2 May 2023
🖼 Daily Technical Picture 📈
➤ An attempt to break above the Feb high fell flat. Literally. Equities ended where it started, slighty down from Friday close. It isn't a good look.
➤ Over the last few days, there has been a deceleration in the up move evidenced by the smaller candle sizes or price bars. It's like a car decelerating towards a known barrier ahead. It isn't confident that it can crash through the barrier or maybe it doesn't want to at all.
➤ I'm not here to question the car or in our case the market why or why not. I am here to best respond to what I can see from a short-term technical trading perspective. I therefore have cut my long position back to a moderate size. The chances for a price reversal is much higher and managing that risk is essential. There is still enough risk on the table to make good profits if the car decides to crash through but the car may indeed decide to go in reverse.
➤ Conclusion: 🐆 Perhaps this prey is too big to take down.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ An attempt to break above the Feb high fell flat. Literally. Equities ended where it started, slighty down from Friday close. It isn't a good look.
➤ Over the last few days, there has been a deceleration in the up move evidenced by the smaller candle sizes or price bars. It's like a car decelerating towards a known barrier ahead. It isn't confident that it can crash through the barrier or maybe it doesn't want to at all.
➤ I'm not here to question the car or in our case the market why or why not. I am here to best respond to what I can see from a short-term technical trading perspective. I therefore have cut my long position back to a moderate size. The chances for a price reversal is much higher and managing that risk is essential. There is still enough risk on the table to make good profits if the car decides to crash through but the car may indeed decide to go in reverse.
➤ Conclusion: 🐆 Perhaps this prey is too big to take down.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
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✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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