Let’s talk about SNDK. Current price is 1555.14, and in the short term the probability of downside is higher.
After this rebound, the price went up and then turned around immediately. It has already fallen below the 7-day and 25-day moving averages. The short-term moving averages are capping the price from above, and selling pressure overhead is clearly strong. In recent rebounds, there hasn’t been much strength—bulls can’t push it up, and the capital follow-through is relatively weak. This looks like a rebound that has finished, and a pullback is starting.
Later, a modest rebound back to around 1600 would be a better place to try a short. Set the stop-loss just above the previous rebound high. The first target is 1500; below that, the key support is 1378.
Don’t try to bottom-fish and bet on a rebound in this kind of market. Bears are in control, and going long against the trend carries high risk.
Be sure to control your position size, set your stop-loss, and remember that contract price volatility is fierce—don’t hold a heavy position and force it out.
$SNDK
After this rebound, the price went up and then turned around immediately. It has already fallen below the 7-day and 25-day moving averages. The short-term moving averages are capping the price from above, and selling pressure overhead is clearly strong. In recent rebounds, there hasn’t been much strength—bulls can’t push it up, and the capital follow-through is relatively weak. This looks like a rebound that has finished, and a pullback is starting.
Later, a modest rebound back to around 1600 would be a better place to try a short. Set the stop-loss just above the previous rebound high. The first target is 1500; below that, the key support is 1378.
Don’t try to bottom-fish and bet on a rebound in this kind of market. Bears are in control, and going long against the trend carries high risk.
Be sure to control your position size, set your stop-loss, and remember that contract price volatility is fierce—don’t hold a heavy position and force it out.
$SNDK