First the disclaimer… I put up an NFTRH+ highlight on SGG, which failed per its original intent and per that intent, I personally took a limited loss and left the trade.
Now the revisit… When taking the loss I’d noted at the time in NFTRH that SGG could go on to make a double bottom (considering the favorable metrics noted below) but that the original trade’s parameters were busted. So far, a double bottom it is.
Normally, I would not buy a chart like this (although it does sport some positive divergence in the momo oscillators) but other aspects continue to look good, so I am giving it another shot.
Courtesy of Sentimentrader, the data on Commercial Hedgers, Public Optimism and Seasonality all look more than supportive, they look fairly compelling. Now, will looks be deceiving… again?
Hedgers? Very un-bearish.
Public? Very bearish (contrary bullish).
Seasonal? I’ve marked up the part that speaks for itself.
Now watch it fall flat on its face again.
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