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SKH, a good looking Bearish Engulfing
Keep an eye on SKH for a reversal. A Bearish Engulfing with 2x yesterday's volume, also formed on a Bearish MACD Divergence. The fact that the pattern opened near the high and closed near the low makes it a little more bearish. Look for an open gap down or a gap up that closes tomorrow. $13.84 is strong resistance.
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Replies to This Discussion
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Top MemberPermalink Reply by Danny on -
Matt do you usually short stocks? I noticed your last original post was a bearish engulfing as well. Ive never tried it but I would like to learn on it. Looking at the chart I agree with what you see as well.
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Permalink Reply by Matt Lauchaire on -
I actually don't trade stocks anymore Danny, I daytrade the Dow and NASDAQ futures contract. When I did trade stocks, I had no bias, I would short just as often as I would buy. This market has gone nearly straight up since September. Since these are reversal patterns, there are going to be more shorting opportunities as opposed to buying. There just aren't that many stocks that are in a downtrend right now to look for bullish reversals. In June and July of last year, I was only looking at bullish reversals since the market was in a downtrend. Good to hear from you Danny, hope all is well with you.
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