As we hit support yesterday, I closed my latest short (for 10p profit per share) and I am waiting now for it to rise within the channel back to 177-179p, to short the stock again.
Readers of my previous posts will know why I am not prepared to ride the stock long up to that new short entry target.
 |
| QPP bounce and wedge |
A contrarian view would notice that the tops and bottoms seem to be getting narrower, and the price can be viewed as a wedge rather than a flat or symmetrical triangle. As the top line is falling faster than the bottom line is rising, this is (just about) a falling wedge which is a bullish sign. It is so slight, however, that I would not buy on this.
You might say that in the shorter timeframe, there is a stronger top line gradient, as shown below
but this would not help bulling chartists, because in the shorter timeframe, the bottom line is flat. This is therefore a descending triangle, not a wedge, which is a bearish sign!
I have no position at the moment.
(Incidentally, I ditched all my $FTSE, $DAX and $DJIA longs this morning)
You might say that in the shorter timeframe, there is a stronger top line gradient, as shown below
 |
| QPP Descending Triangle |
but this would not help bulling chartists, because in the shorter timeframe, the bottom line is flat. This is therefore a descending triangle, not a wedge, which is a bearish sign!
I have no position at the moment.
(Incidentally, I ditched all my $FTSE, $DAX and $DJIA longs this morning)
No comments:
Post a Comment
Please leave a comment. They are moderated and spam (links to your site) will not be published.