Bear Squeeze Going on Longer than Expected, but Over Soon?
I have revised my last view after looking more closely at historical levels. One that is still clear, is that FAZ is respecting both the 52 week low as well as the the all time low. For 12 years FAZ has not breached $23.01, even though it has recently fallen to 24.16 in Feb. 2020. The bears are holding the line! This squeeze is going on longer than some of us thought, but that is just how the market works doesn't it?
Looking forward, if the overall stock market trend is now down, then there is nowhere else for the banks to go but down. Inversely, this of course means FAZ again is at the launching pad of this rocket about to take off.
The pattern being highlighted is a bull flag with a symmetrical triangle waving in the wind. With respect to the overall down trend, this descending triangle appears as if it is about to "fail" to the upside and launch this crazy ETF past the breakout high of $74.60. Not financial advice of course, but today's closing price at $24.03 looks pretty yummy if the trend is your friend.
Looking forward, if the overall stock market trend is now down, then there is nowhere else for the banks to go but down. Inversely, this of course means FAZ again is at the launching pad of this rocket about to take off.
The pattern being highlighted is a bull flag with a symmetrical triangle waving in the wind. With respect to the overall down trend, this descending triangle appears as if it is about to "fail" to the upside and launch this crazy ETF past the breakout high of $74.60. Not financial advice of course, but today's closing price at $24.03 looks pretty yummy if the trend is your friend.
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