Before I dive into SFR ,I should mention that one of my favourite TA books is Bollinger on Bollinger Bands by John Bollinger. Bollinger is a rare breed in TA world. Why ? He is not a only a CMT holder but also a CFA (very significant/important designation CFA), Incorporating fundamental analysis with technical analysis. Readers may also find his book very educational. Top book highly recommended.
%b of Bollinger Bands may be employed by us technicians to tell us where the price action is in relation to Bollinger Bands. Now, have a look at SFR weekly chart with %b at the bottom window. Also look at where the price action is (neckline resistance).
SFR weekly first which is employed for analysis, followed by daily for action.
Daily is used by me for entry/exit. Being at a resistance as well as overbought in our analysis time frame what do we see on the daily chart ? A CLOSING PRICE REVERSAL also look at the volume leading into it. What is a closing price reversal ? A signal which may be used exit. Will we see a bearish pivot on Monday ? I don’t know to be frank, but I wouldn’t be surprised if we did after this.
SFR in PRIORITY STALKING WATCHLIST again.
Enjoy your weekend.
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