GLW...
fundamentals appeared to have been accepted by the streets...so far.
for the most part, mirrored the compx, but "felt" stronger for the day.
i was somewhat concerned with GLW intraday dble top, but focused more on the compx after i saw channel trade was broken, waited for the lower low pattern to be broken, and this did not happen until 2300 was touched and magically lifted itself with a swift 100 point near move.
anyway, from that point, glw began its ascent as most stocks followed.
Pivots are great places to look for opportunity, but not all is cast in stone. Today may have been a reversal day coming off the low of a potential trading range for the major averages (compx). Nevertheless, even though i key in on pivot areas, I remain flexible to quickly defer to the stronger forces of the market and await an entry signal given by the major averages. In this particular case, 2300 was a target, and I hopped on board GLW several bars later on the long side.
yes, we've had the fed cut, give us another for assurance, maybe a clearer picture...but the trend remains down. And if the weekly shows us moving down, the shorts will look to reassert themselves until proven wrong.
So, 57 (based on jenna's chart) still stands as a stronger pivot and depending on the bigger picture and certainly timing, this could come into play, either direction.
Swing trade?...depends on one's definition, as this could pertain to opening and closing the position in one day if targets are met for "wave" completion, maybe a percentage move, maybe based on point move.
As far as GLW's target range, this depends on perspective. I certainly can see a move to 77-80 range where it will be decision time...as far as a safe entry for longing the trade....above 60...on the flipside, short at these levels on weakness....AND RIGHT NOW, because the weekly shows us in a downtrend, the logical choice would be to do just that, to look for short opps...until told otherwise.
all depends on how we perceive, what our risk tolerance is, a preference to trade shoret or long...
anyone care to add, pleez do so... |
