Good evening StockBandits!
The proverbial rubber band snapped back today, putting at least a temporary hold on the selling pressure we’ve seen so much of in the past few sessions. Today’s lift was sharp and decisive, much like we have seen time and time again in recent months (and years). The big question tonight is “are we seeing the start to another giant V-shaped rally?”
The answer to that question will of course have to wait, as I have no crystal ball. All I can say is that it resembles the start of previous V-shaped recoveries. Today was certainly a strong day with intraday dips being bought, resulting in an impressive gain. There are some unfilled gaps and resistance zones overhead which the bulls will have to contend with, but today’s move suggests they haven’t thrown in the towel.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
