Depending on where the market closes, I'm looking to go long on this position at least until the 1988 previous level resistance. If the market, however closes above that level then I'm looking to go further for new all time highs.
The market needs to close either above (Long) or below (Short) the trend line to finalize my decision.
In most cases, as I've seen that this particular index mostly breaks out of its trend on its 5th maybe 6th time. So as a 3rd time test on its trend line the chances are that it will indeed rally back up.
For the moment, as it has just closed below its 21 SMMA, the short term decision will be to short this stock until it reaches its trend support.
The market needs to close either above (Long) or below (Short) the trend line to finalize my decision.
In most cases, as I've seen that this particular index mostly breaks out of its trend on its 5th maybe 6th time. So as a 3rd time test on its trend line the chances are that it will indeed rally back up.
For the moment, as it has just closed below its 21 SMMA, the short term decision will be to short this stock until it reaches its trend support.