9/25 Tuesday – Pounding on that Resistance

$41.60 major pivot which has been served as a solid resistance. About 5 times, we pounded on that resistance last 5-7 days and it looks like that resistance is going to hold and lots of bearish sentiments appeared.

We threw two bearish engulfing patterns last 4 days.  Engulfing patterns are stronger reversal signals and we got two of them at resistance. Definitely speaks a volume.

Gap area 5/10 support at $40.62 and my trigger is below that area.  That support is important price point because that support also coincides with 10 EMA.  Those two supports (10EMA and gap support) have been holding this thing last 5 days but looks like its getting tired and the weight is getting heavier.

$37.50 is my target and I think we are going to get there no problem if I get triggered tomorrow.

10EMA (Green)

Last 4 days, this bullish rally has been slowed down by some bearish pressure from the resistance of $42 area.  We threw bearish engulfing 3 trading days ago but it held. And today he threw another bearish engulfing.  And I’d say 10EMA is rather tired and the weight is getting heavier.

Tomorrow we are going to break that 10EMA.

Indicators are looking great supporting this bearish idea.  Parabolics has been flipped.

Stoch rolling over.  RSI also rolling over. MACD is now starting cross up (more neutral sentiment for MACD).

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9/26 Wednesday – Got Triggered Bearish!

Well I got triggered bearish this morning. But that little spinning top candle ain’t doing it for me. >_<

I was looking for at least small break out of that consolidation we’ve had last 5 trading days.

Looking at the moving averages. Looks like today’s candle is stuck between 10 and 20 EMA.  Still early stage to know if we are going to roll over yet. Just lots of bearish sentiments on the line.

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10/1 Monday – Another Bearish Reversal..-_-

-Ok so we tried to break that resistance of $41.50 five times last two weeks!! and miserably failed.

Today we tried to break once again but failed and fell thus creating a Shooting Star bearish reversal pattern. This is very significant because it happened again at resistance.

I think this time, it is time to fall.  It pounded its head on that resistance long enough.  Probably running out of steam.

Around $38 is my target. With earnings coming up on 10/12, I will probably close this either by end of this week or early next week.  But yea it’s still looking pretty bearish today given the fact that the resistance was able to hold yet again.