As part of learning how to find multi-day swings and entry points I’m going to see if I can short $FIG with an entry tomorrow if it continues to fall.
There is some potential good news but good news doesn’t always translate to upward movement. The weekly chart shows a strong downward trend with a small pop after earnings (good news) but it appears that the trend may be setting up to continue downward. The MACD and AO on the weekly do show some positive movement though, so I'm interested to see how those indicators react on the weekly chart.
On the daily chart the MACD and AO indicators both show triggers to go short if entering a trade with a crossover of the MACD and red bars on the AO. A pretty clear curving reversal is on the MACD as well.
I have a GTC limit order to short 1000 shares @ $4.01 and I'm shooting for a cover around the $3.85 range were there appears to be a double bottom support.
Not sure if it will work out the way I think it will, there does appear to be quite a bit of positive chatter on some of the social media sites but I've learned to take that with a grain of salt.
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