Getting fit with FIT
Where exactly is $NYSE:FIT headed to?
After a showing signs of a bullish gartley chart, all $NYSE:FIT needed was a really great earnings report to piggy back off a great bullish gartley formation. Trading movements can be somewhat predictable with TA but remember that dramatic movements require real FA.
Looking at the daily chart, we see the pre-ER hype + technical bound rising out of the descending wedge to a breakout attempt, only to be squashed down by what some would classify as a dissappointing ER. $NYSE:FIT attempt at a breakout became a mess and even hit a new ATL.
So, is it all over for $NYSE:FIT?
Maybe not.
There's a few interesting things that happened on the day of the post-ER.
In combination, I would translate this action as accumulation movement.
Short term wise, this analysis would make sense given the price action for the past few days since hitting ATL.
Long term wise, $NYSE:FIT is at the mercy of proper FA before TA can support any massive movements - til then bears are in control.
After a showing signs of a bullish gartley chart, all $NYSE:FIT needed was a really great earnings report to piggy back off a great bullish gartley formation. Trading movements can be somewhat predictable with TA but remember that dramatic movements require real FA.
Looking at the daily chart, we see the pre-ER hype + technical bound rising out of the descending wedge to a breakout attempt, only to be squashed down by what some would classify as a dissappointing ER. $NYSE:FIT attempt at a breakout became a mess and even hit a new ATL.
So, is it all over for $NYSE:FIT?
Maybe not.
There's a few interesting things that happened on the day of the post-ER.
- Gap drop
- Doji formation
- Volume ticker that exploded into the green, to a level we haven't seen since August 2016
In combination, I would translate this action as accumulation movement.
Short term wise, this analysis would make sense given the price action for the past few days since hitting ATL.
Long term wise, $NYSE:FIT is at the mercy of proper FA before TA can support any massive movements - til then bears are in control.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.