The first target that was added to the ALK short trade has now been hit for a one-day, 13% gain. Consider booking partial or full profits and/or raising your stops, depending on your trading plan. Updated daily chart below preceded by yesterday’s original daily chart which is a perfect example of how TA works. ALK had set-up in a textbook bearish rising wedge pattern with a well defined uptrend line with very sharp & distinct negative divergences in place while at rarely, if ever, seen overbought readings on the RSI. Typically, the more extended a stock becomes and the more pronounced the divergences, the more power the reversal will be (bullish or bearish) when it comes.
FYI for those receiving email notifications of new posts: I am aware that a lot of new posts were sent out today as I have been replenishing the trade ideas with new setups on both the long and short side. Now that my primary computer has been repaired and the trade ideas have been updated, I will make it a priority to restore the functionality whereby subscribers can opt out of receiving email notifications on specific categories that they don’t not wish to receive immediate email notifications on. Until that feature is restored, I would expect the frequency of posts to diminish after today. I do still have plenty of setups to share, both long and short, as well as some market analysis to discuss but I will try to post those setups as they approach their respective triggers/entry levels.