Friday’s major breakdown changes the nature of the trend, as the 50 day moving average, which has acted as a strong trendline, was broken. Not only did it break, but it broke hard on strong volume.
Look to short on a pullback to resistance
I wont short at this area as many plays are in extreme oversold situations and there is a good chance they snapback. If volume is low and we drift and retest the 50dma thats where I willl load the boat on the shorts
Some good rubberband plays
Oil, commodities, and solar
Id play PCU here with a stop at 28.50 if I get stopped out I will reenter lower closer to 27s.
UCO is showing same setup.
ID is an interesting stock. Hot sector. looks like it can breakout any moment. Great volume pattern
Big flatop breakout happening in this stock. Look at Key last week. same pattern. This could be a good one.
MHR looks to cut loose too.
See how the volume has faded on its consolidation. Its getting ready to bust loose again.
Also like ANV and some of the miners. They all reversed on Friday but are still very oversold.