CHART OF THE DAY – BEWARE THE FALSE BREAKOUT

BEWARE THE FALSE BREAKOUT

Remember all those analysts that have been telling us the market was about to crash? Well, just like I predicted, the Nasdaq is now testing the all-time highs.

Beware of a false breakout early next week. This is how big money gets out of a position. They create a breakout and then sell to the clueless retail traders that buy the breakout. Buying breakouts rarely works in modern markets.

false breakout

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3 thoughts on “CHART OF THE DAY – BEWARE THE FALSE BREAKOUT

  1. ras

    Helpful insight. Opposite of what happens at undercut low? BP indicators of all major indices look tired and about to reverse. Kudos on your excellent read of NAS market. Wow, when one of the stocks in the FAANGT
    and senior bio group and semi group dipped , others stepped in and pushed the index up in slow motion right up to your resistance level. Daily chart looked iffy, BP indicators looked iffy, but weekly price chart looked good, with nice white candles. It is important thus to examine at least 2 time frames, daily and weekly.

  2. Pingback: A False Breakout in the QQQ Might be Forming | Oil News

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