DBS – Double Tops!

  • Post author:

DBS has formed a Double Tops formation and the neckline at $13.70 has broken. If this Double Tops breakdown is successful, the price target is $12.00.

Things to watch out for a successful breakdown in the next few days:

  • DBS is unable to break the 200D and 20D MA, plus the neckline.
  • The neckline will then turn support into resistance.
  • DBS breaks another support at $13.33.

Continue ReadingDBS – Double Tops!

SNP500 ETF (SPY) – This is it! Shorting Time!

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I have been waiting for a right time to short the S&P500 ETF (SPY) and finally I found clear signals to short this ETF by buying PUT Option.

Bearish Signals

  • Evening Star candlestick pattern.
  • SPY was unable to break the 200D MA resistance and bounced down.
  • 20D MA is coming down very steeply to cross 200D MA.
  • MACD shows Bearish Convergence.
  • RSI and Stochastic started to reverse and head down.

I am expecting SPY to retrace at least 40% during this correction and my target price is $101.5 (38.2% Fibonacci Retracement Level).

Continue ReadingSNP500 ETF (SPY) – This is it! Shorting Time!