When You See This Pattern, Watch Out Below!
It is lunchtime now,
but the S&P 500 index is staging a small rally off the 61.8% retracement
level.
(Charts courtesy of QCharts)
10:09:48 (from TradersWire)
Action |
Symbol |
Order Type |
Setup |
Stop |
 Target |
Current Price |
Posted By |
Sell |
SEBL | sell stop at 9.64 | at intraday resistance (15-min) | 9.75 | 9.50 | 9.66 |
TK |
Siebel Systems (SEBL) gapped up above the
upper Bollinger Band. As I say often, this kind of momentum is not sustainable.
The stock immediately challenged Wednesday’s high, but it formed a doji bar
(open=close). Also notice this doji has a long bearish upper tail. This was a
potential reversal situation. I decided to place a sell just below the doji bar.
10:40:46
Follow up on SEBL (Pt 3)
It has hit our target. Cover the rest or re-adjust your stop.
Feel free to mail me your
questions.