Jun. 19 at 4:24 PM
$LB Put me down for
$122 in August.
My chart interpretation is as follows (not all indicators shown on this chart):
1) Wednesday's hammer candle coming on session 20 of this corrective wave 2. Timing is right for the start of wave 3
2) Bollinger bands are aggressively squeezing together which signals volatility coming. They have never been this tight. Bias to upside after recent new ATH last month
3) MACD has now spent the most time with negative histogram reading in the 1 year history of the stock. Consolidation is exhausting in time. Basing at
$70 gives good odds that price breaks through ATH
4) RSI curling up but needs follow through. Over 50RSI and through
$74 meaningfully will confirm
5) Oil making a strong move will see inflows into the sector. Seeing some positive readings on the CMF (Chaikin Money Flow)
6) Accumulation/Distribution has held strong. Can easily continue to trend higher
7) ADX looks to have bottomed. Ready to start new trend
8) Volume drying up. Watching for a 1M vol day
