FAZ is tanking, safe opportunity to jump on the bandwagon
I was long on FAZ... until the only possible support (which I drew in green) broke. RSI is now testing that green line, and will probably...
1) show uniformity (if you don't know what this is, check out my account info)
or
2) hit resistance than bounce below
either way, FAZ should be shorted.
Not to mention... the RSI is hitting the red trendline. I know the trendline has only been developing for about 2 months but since the price action is so well defined, it's safe to take the RSI signal. Remember, anytime you use an RSI trendline that is not that well developed, there's more risk, but also much more potential reward since less people have figured out this market insight.
1) show uniformity (if you don't know what this is, check out my account info)
or
2) hit resistance than bounce below
either way, FAZ should be shorted.
Not to mention... the RSI is hitting the red trendline. I know the trendline has only been developing for about 2 months but since the price action is so well defined, it's safe to take the RSI signal. Remember, anytime you use an RSI trendline that is not that well developed, there's more risk, but also much more potential reward since less people have figured out this market insight.
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