$CFLT Long Watchlist – Looking to Break-out of Channel?
Looks like 
CFLT has retraced its latest uptrend back to around the .618 Fib level. It is now hanging just under the 50% retrace level. I am not a big Fibonacci trader, but I do like to look at retracements and the .618% and 50% levels seem to be levels where stocks “can” make a turn.
I use trendlines and support / resistance areas for my trading style. In this case, the 50% retrace area lines up well with an area of resistance. I like how it seems to be respecting (somewhat) the 40 Week MA in white. I have an alert set for a cross over $31 and again over the upper downtrend line. To be clear,CFLT is in a confirmed downtrend based on the downward sloping channel and a series of lower highs and lower lows. So, I am looking for a trend change. All TBD.
Earnings are about 9 days away and is something to keep an eye on too. (I have not verified the Earnings date.)
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
CFLT has retraced its latest uptrend back to around the .618 Fib level. It is now hanging just under the 50% retrace level. I am not a big Fibonacci trader, but I do like to look at retracements and the .618% and 50% levels seem to be levels where stocks “can” make a turn.I use trendlines and support / resistance areas for my trading style. In this case, the 50% retrace area lines up well with an area of resistance. I like how it seems to be respecting (somewhat) the 40 Week MA in white. I have an alert set for a cross over $31 and again over the upper downtrend line. To be clear,
CFLT is in a confirmed downtrend based on the downward sloping channel and a series of lower highs and lower lows. So, I am looking for a trend change. All TBD.Earnings are about 9 days away and is something to keep an eye on too. (I have not verified the Earnings date.)
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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