Noon eastern. Two point gap down open at $28, quick run up to $32.49 ($4.50), Just under the $32.68 previously cited. That's the focal point. Won't be today.
Closed up 6% for the day and ............on a Dow down 300. Respectable. But $32.68, representing a 6 year high, is where the fun begins. A point away.
wow efficiency still talking to yourself with ELON! You go boy! One thing though where's the love? I gave you ITRI $13 ago in 4 days if you got out today at $95. Now that's a celebration! And all you can spurt about is a $2 reversal. Lets give credit where credit is due there was a LT chart and it said $20 and it said $30 the trend lines could not have been simpler but some of us got off at $23 and indeed are kicking ourselves in a big way. What makes ELON different? Why is it not a flash in the pan small cap what separates the true winners in this minefield? Well right place right time you know gadgets that do stuff for you when your on the way home lights that go out coffee is made home movie theater all spooled up... it's a rich mans paradise these new condos and coops in NYC with all the trimming's there sure to be loaded down with Elon's tech... and of course there's the meter game and it's huge, another great market sells into water and power generation... it's just right place right time for this little baby. But efficiency if you had listened to stoney you could of made $13 upside with ITRI and then revisit ELON next week @ $26! In the face of todays market we really have to ask ourselves how either of these stocks - ELON, ITRI caught such a bid. Amazing. Smells like accumulation but will it just be last man standing tomorrow? ~ stoney
Talkin' to myself? Yep, probably. But then...........you're here. Let's say, calling "it" in real time. Oh, I'll fully concede it's a long term chart. My style. Next add at $32.68 via a buy stop for the ax to see. . Backed off yesterday at $32.49 , confirming that 6 year point as resistance. ITRI? Naw, I only trade from my stable. Like a horse trainer.
Taking out a slice today. Down 18%. Combination of inventory from low hanging fruit AND trapping a few amateur shorts. Foundation for "higher" Yesterday's fast move to $32.49 (coinciding with 6 year resistance) will form the top of a triangle. Where it eventually stops, an UNKNOWN variable, will form the lower boundary of the triangle. Thereafter, probabilities would suggest a drift until the ax has enuff inventory then an eventual breakout.
Does it always have to be a triangle I wonder? If the leg up is the left side of the triangle and the correction the right then a prolonged move at a steady price could be argued for by the base formation. But that would be drawn right to left think about it.
I played this many times during its run from 13 to 22 making small gains going both long and short.. Wish i would´ve just bought and held onto for a monster gain. Looking to go long this week for a long term trade . Any thoughts on a good entry point? I´m looking to enter between 23.5 and 24.