Bullish J-Hook Pattern

CBAY has formed a Bullish J-Hook Pattern, and the Candlesticks pattern is very near a Matt Hold and a Rising Method, price action on the T-Line and a burst of volume. Yesterday CBAY challenged 2015 high ending the day standing tall and proud. CBAY is a bullish chart; we may consider a buy above $12.00

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On November 13, Rick shared CBAY as a trade for members to consider and how to use the trading tools listed below. Currently, the profits could have been about 29.7% or $275.00 with 100 shares. Using our Simple, Proven Swing Trade Tools and techniques to achieve swing trade profits.

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The SPY closed below the T-Line yesterday as did all the indices. Price action was a bit harsh yesterday not only closing below the T-Line but the upper band as well. Price also pushed on the lower band bending it but not closing below. The #1 goal for the bulls today is to protect the lower band and close back over the T-Line. If the Bulls lose the lower band, then the $279.60 should be tested.

The VXX short-term futures shot up yesterday too and past our profit target closing with a shooting stat. It is very likely we see a pullback today. The chart remains bullish, just not a buy at this time.

Rick’s Swing Trade ideas

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Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.

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