The base building action in Pandora is evident on this time frame as the whippy, expanding price pattern where the price makes higher highs then reverses and makes lower lows, only to reverse around again and make higher highs (over and over) is setting up some very interesting basing action.
The 11-day CCI (at bottom) is turning up from -100 which is a bullish signal when put together with an uptrend in RgMov.
The "RgMov" trend indicator is at the top end of the 2 month range, which means it is in an uptrend. The recent drop to 16 was a nice re-test of the base pattern. The futures in the S&P500 are down 1% overnight, so I will look for a move down to 17.25 for an entry this week for an upside target of 20.50 with a downside stop at 16.
Pandora has been a tough one on the charts in the last 6 months, but it has been building a strong subscriber base despite competition from Apple, Spotify and other internet streaming services. Keep an eye on Pandora!
Tim
10:06PM Sunday, August 30, 2015
The 11-day CCI (at bottom) is turning up from -100 which is a bullish signal when put together with an uptrend in RgMov.
The "RgMov" trend indicator is at the top end of the 2 month range, which means it is in an uptrend. The recent drop to 16 was a nice re-test of the base pattern. The futures in the S&P500 are down 1% overnight, so I will look for a move down to 17.25 for an entry this week for an upside target of 20.50 with a downside stop at 16.
Pandora has been a tough one on the charts in the last 6 months, but it has been building a strong subscriber base despite competition from Apple, Spotify and other internet streaming services. Keep an eye on Pandora!
Tim
10:06PM Sunday, August 30, 2015
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