Why Our ‘ABCs’ Spelled Reversal
They say the trend is your friend, but
when major technical supports exist within developing patterns on multiple time
frames, it’s probably time to rehash the way you think about your
ABCs.
09:49:25
Early
Relative Strength
From the Nightly Daytraders
Report, Amerisourcebergen (ABC)
might be considered as a potential 1,2,3 reversal
long thru 56.85. Current trade has the stock up .54 at 56.74 as it trades within
an extended intraday Slim
Jim bottom that appears to have found technical support by way of the 62%
YTD Fibonacci level.
Hopefully, besides learning our ABCs, as we went
through the ropes to get a ‘higher education’, we also learned to keep an open
mind. ABC had originally been on the Nightly Daytraders Report as a Low RS candidate,
but within minutes of the opening prints, it became obvious that daily support
levels and the evolving patterns were making the case to proceed with
our ABCs. With strong evidence of a change of trend in the making, this ol’ dog
decided that reversal trades with edge can also be quite friendly as a new trend
begins to develop.