The internets have been conspicuously weak, as we’ve been noting in the NFTRH reports using a weekly multi-panel ETF/Index charts. Here’s the daily view of FDN right at its neckline support. It’s got a Hammer candle and could bounce. A short between 138 and 140 might work out (with a stop above 141 or so). This measures to around 115.
I actually took a short today in this one today on the spike to moving averages after a merger was called off. The hope here is that the trends are turning down and this is just a pop within that. I’d plan to use those moving averages as a rough stop on this trade. A lot depends on the market and portfolio makeup at any such time. There is no real measurement from the daily chart’s perspective.
This is a scary one to include because these damn momo bull stocks tend to invalidate perfectly good setups almost as if they are toying with would-be bears. But include it we shall because NFTRH+ is a chart service and this chart sucks. Personally, if I were to short it I’d use a super tight stop above the broken trendline/SMA 200 as my tolerance. This measures to around 1475. Alternatively, we could wait to see if it does the usual and temporarily invalidates the breakdown, reserving a short attempt for 1825 or so.
Here is another one at neckline support. A crack here would measure to around 116. Meanwhile, it’s at support so don’t discount a bounce. If that happens the area for a would-be short to try is the down turning SMA 50.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
