Renko-time.
There is a change in the short term trend. Is the honeymoon with the new year already over? Is the rally already evaporating now?
We live in exciting times. Fundamentals are no longer important; it’s all herd-driven. I mean: if you buy one stock or 223, the price action is all the same for them as computers are buying or selling indexes and dictating in the mean time the price action for individual stocks.
We saw it over and over again, the last 9 months.
A very good chart is offered by the price action of Best Buy, one of the darlings in those dark November and December months. Together with WalMart and other discounters.
The one-hour renko chart shows how close we are to a negative breakdown. The CCI paved the way with a negative signal and the SAR is very close to flip above the price action.
A perfect short candidate…
There is a change in the short term trend. Is the honeymoon with the new year already over? Is the rally already evaporating now?
We live in exciting times. Fundamentals are no longer important; it’s all herd-driven. I mean: if you buy one stock or 223, the price action is all the same for them as computers are buying or selling indexes and dictating in the mean time the price action for individual stocks.
We saw it over and over again, the last 9 months.
A very good chart is offered by the price action of Best Buy, one of the darlings in those dark November and December months. Together with WalMart and other discounters.
The one-hour renko chart shows how close we are to a negative breakdown. The CCI paved the way with a negative signal and the SAR is very close to flip above the price action.
A perfect short candidate…
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