There is absolutely nothing to like about the SWKS chart. It has ugly written all over it.
There is no disputing the fact that it has been on one epic run over the past two years, but that, my friends, looks to be over!
It doesn’t matter which time frame you look at it on, it is bearish and at this point if you are a long-term investor, you should be looking for an exit, not hoping that the show will some how still go on.
Take a look at the daily chart below and first off you’ll find that it has one of the most glorious head and shoulders patterns that I have ever seen. I mean this is coming off of a monstrous rally that saw price more than triple in value. Sometimes stocks just drop without warning, but this one has formed the bearish pattern going all the way back to March of this year and after it confirmed the head and shoulders pattern, it went ahead and gave you a second chance to come to your senses by forming a bearish flag which it has confirmed today.
And for those that were holding out hope that the 200-day moving average would hold… well… that dream has been shattered as well as it is down 6.2% today and completely obliterating the MA.
Here’s my technical analysis on SWKS:
Welcome to Swing Trading the Stock Market Podcast!
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Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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