Now it’s pulled back, with some interesting signals.
First, we have the deeply oversold condition on stochastics.
Second, we have a pullback to the 50-day simple moving average (SMA). It’s the first test of this line since the rally began.
Third, W tested and held the $235 price range that was resistance in late July before breaking out toward $300.
Finally, the 8-day exponential moving average (EMA) has stabilized and price is pushing back against it. This could be a useful indicator of short-term momentum. If W breaks back above the 8-day EMA, the longer-term uptrend may resume.
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