Member
Posted 20 November 2018 - 12:29 PM
After managing to climb back out of the big hole in 2017, AZO managed to peek its head a bit above the MASSIVE 800 pivot.
Coming back down with a big breakaway gap to test that level today.
If it comes back under, could be epic crash there over coming years...a move back under 700 now would be especially ugly...
It has been a lot of fun playing the rollovers in all these high flyers over that last couple months. When they finally give up the ghost, the drops have been spectacular...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 20 November 2018 - 01:14 PM
and there's the first 7 handle trade....
may see one last gasp bounce from here, but if it does, next time down should set off the bomb....
Edited by K Wave, 20 November 2018 - 01:14 PM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 22 November 2018 - 06:23 AM
Recession stocks like this one, especially when it moves to new all time highs against a backdrop of a 6% decline in the SPX, would likely favor more upside since strong begets strong. Caveat here is that the sector is down 31% from its all time highs in January, so it's a "lady or the tiger" situation....the "lady", it's leading out of a bear market bottom; the "tiger", your outline.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
Technical Watch Subscriptions
