Dislikeddazz man, what analysis do you have for GU? I have mine.. just curious what you see.Ignored
Hi Tyoon,
What I see on the weekly is a long-term triangle price consolidation and I have no idea if price will break up or down from this, or neither. Chart 1. However, it is something I will be looking at over the coming weeks/months. A break would see me eye balling a pullback.
I have two daily charts. The first one Chart 2 shows that the current outlook on the daily is long, while the daily support level holds. That's not to say shorts are no good. You use that level as a target if a short position could be justified on the lower time frames. That thinking is sound.
However, even though we are above the daily support level (Chart 2) and that does suggest longs are in favour, I am not taking any long trades on cable myself at the current price (unless it was a scalp). Chart 3 is presented as to why this is.
The "box' shown shows strong cluster resistance on the daily time frame, we all know (from Will's teachings of course) that clusters hold the price. That is the reason (to me) why price came back to this level... and then stalled at this level... and has had a hell of a time breaking any higher...
Knowing this is very helpfully as you could short of the level, use it as s target, etc. etc. Just being aware of that is of massive benefit.
Fortunately for me, Will highlighted this in his service at the beginning of the year (in a webinar) so it's made analysis on the big picture for cable much easier for me. It's for this reason that I am would be a little hesitant thinking long at the moment.
On the other hand, if I see the down sloping trend line break (Chart 1) with a strong rally, then on a pull back, longs are definitely in order. But, I need to see either that happen or that big arse daily cluster block breached. and price hold above it. before I can justify a solid long position trade.
Alternately, if price pulls back to the daily support (Chart 2), longs could be considered, but that would be the fourth time back to the level and so I would be thinking price may break through. A level does not hold forever.
In summary, I am looking at other charts at present that clearer opportunities.
Hope that all makes sense.
d