Monday, November 4, 2013

Why $LNKD will fall more


Been an interesting day for $LNKD today. After opening lower and then bouncing to daily highs, it showed as if it were going to give it all back on a reversal. But alas, the roller coaster continued and it tested the HOD once more.  As I write this, it is slightly retreating again. But don't let this suck you into buying. The chart today looks good for a bounce today, but that is all I think it is.  If you pull your charts out further, you will see that it is trading below the longer tern lower trend like. Plus, it broke the 100d sma and is now hitting up against it as a resistance. She can't get back into the up trend and should take some lower numbers out first.

Target is roughly $203

Hard to see because the lower trend line almost follows the 100d sma. The two are working together right now as a resistance.

You can see a bit better here that it is below the trend line. Also forming a little bear flag an if it breaks this, it should be quick down to $215 area.

Happy Trading

No comments:

Post a Comment