9/25 Tuesday

I had my bullish trigger just below that recent resistance line. I did see that evening shooting star reversal up top (9/14) but didn’t get in to the bearish trade because of $17.20 major support.  I’ve waited until that $17.20 support was broken and waited another few days until this recent support was broken.  I guess I was very skeptical after the huge bullish rally that if this bearish move was just a pull back or actually roll over.

So I did get in here little late but I do think it was a good move to make sure that the roll over is fully confirmed.

$15.20 is my target.   And with today closing with bearish engulfing pattern, I’d say it’s a good start.

All indicators pretty much screaming “BEARISH”.

Parabolics = just flipped to bearish side.

Stochastic = rolling over. 45 level to watch out for recent support

RSI = rolled over and starting to reach bottom line but still got lot of room to go.

MACD = fast line (blue) just crossed red and heading north.

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10/1 Monday – Another Shooting Star

Well nice shooting star (bearish reversal) has appeared today at resistance.  It appeared like 5 trading days ago but another one today. This suggests that the $17.20 resistance is solid and probably we will head south. I guess it just wanted to test old support and new resistance.

Also keep that in mind, way way up there around $18.40, that’s also a shooting star. That started the move and threw more shooting stars after that.

Around $15.30 is my target and it seems like we are just doing fine.