This is the chart of RF. Short term, RF is showing a potential bounce towards the 5.59-5.98areas. You'll know which one to take profit at depending on how strong the price breaks either of those resistance levels.
Notice RF found support long term from the March lows. Notice the decrease in volume on the selloff.
RF is being manipulted, I've always thought that. "analysts" have downgraded, upgraded, spat on, and praised RF recently.
If it breaks 4.35, look to buy it in the 3.80s, as it's always found decent support in here.
In a month, you'll thank me for the near 100% gain.
*Strong buy
You put a square around that Fib level. Did you short RF into the close on the 17th? I'm curious about why it went through all those other Fib levels on the 16th and 17th.
ReplyDeleteShorting a stock that has crazy volatility is not my style. RF is one of my longs from March at the 2.78 area. I sold half of my position at 7.50, which is a fib from the highs in January. I probably should've shorted it as a hedge because the pundits are talking RF down at the moment. Why did it break those Fib levels? It's just a sign of weakness. You don't buy something just because it's sitting on your number. You observe it and confirm it's going to get support at that area. I don't see it having too much downside from here, but watch it closely to break that 4.35 support, and look to get more around 3.50
ReplyDeleteI put the square around the line so people can see it better.