Not a tech guru but it is clear that the window dressing fo end of quarter took us to the 200 days avg. Given todays action the selloff is over and we should move back up nicely. My entry was 350 which i considered a short term floor.
In retrospect I should have considered the 200 days as the absolute bottom. I am a bit p.ssed at myself because i should have know better for a bottom price given the end of quarter and downward movement.
Regardless, I am targeting $360 short term before earning.
I have never owned this stock because of the lack of profitability in relation to the valuation. I told a friend who is a big believer that AMZN will run the world one day to get out when it went over $400, but she continues to hold it. I wanted to short it at those levels, but was fully invested in other things. Nonetheless, I am starting to watch for a trade because if it falls into the $295 area, I think it could bounce pretty impressively higher (at least long enough to make a nice gain). Otherwise, I wouldn't touch it because it's totally traded on emotions and computer programs and not fundamentals.
It is testing the 200 day moving average. That's all anyone really knows.
For what it's worth, here are some thoughts on TA from a demented "idiot grandpa" who has been trading for a few market cycles and even remembers when commissions were hundreds of dollars per trade.
Technical analysis can tell you what has happened and what is happening. It can tell you what emotions are at work in the chart. You can see whatever popular pattern people are seeing, and you may form an opinion about what they will do, a little bit more likely than not, if the thing breaks one way or the other from that pattern. Beyond that it is totally overrated, and people get deluded into believing they can accurately predict what the stock will do in the future from the chart. Now matter how much experience one has, reliable technical forecasting is unrealistic.
Also, I'm sorry to say, that trusting advice from gurus is no substitute for years of practical experience. If you need a guru, then you won't know the difference between cynical charlatans, self deluded well meaning talking heads, pumpers, and the few real expert operators. And worse yet, the people you would get the best advice from are not talking to the masses and revealing hard won valuable skills. And it is most unlikely they will be here on this board.
the problem is not the MOVA200 the problem is the day chart patern
it looks very very bad
up on the open the selloff
this is happening 2 weeks
this is what make me very happy with my put that I bot when it was 379
Now everybody has seen it close below the 200. That will be treated by some as significant. It could still go either way.
Poopyestpapa nailed it: " sometimes it bounces and sometimes it doesnt.."