Failed bounce is not a good sign | stockbee


Failed bounce is not a good sign

The dip buying was just one day phenomenon and we are witnessing bounce failure and intra day reversal today. Typically selling is clustered and this action indicates trouble for market in near terms.

The selling and profit taking is happening after a strong multi week move, the move hardly had a correction. Now stocks are finding it difficult to get a move going after breakouts and this weakness might be good if it lasts for few weeks.


hottpotato said...

so MR is on the list pd-if it misses earning est it will tank-should i go long or short?

Pradeep Bonde said...

There is a time to go long and time to go short and time to go fishing. Considering market action today, it is time to go fishing.

jbu said...

It could have great earnings and warn about the coming qtr/s and the stock tank... or ... Could have great earnings and give an upbeat outlook and the stock take off.

Pt is, you and I don't know, so why play through earnings anyway?

It's like rolling the dice.

Happy Trading

hottpotato said...

okay time to take a nap no fishing pole-namaste T