The NASDAQ session was weak overnight prior to the early morning, when a rally ensued after buyers rejected an attempt to move price below yesterday’s RTH low.
Although we saw indecision in yesterday’s tape, there was no clear victory by the sellers. In fact, several footprints were left in yesterday’s profile which suggest buyers still hold control.
Yesterday’s profile has three bullish characteristics:
A buying tail
Range extension higher
A poor high
I have highlighted these features on the following market profile chart:
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RVLT looks like a very large wedge starting from march 4th and the july 23rd lines. Sitting at the very bottom of it now. You still like the name/industry? Feels like a great spot to buy.
the industry I still consider a generational disruption. And it is a disruption that will occur sooner not later.
RVLT I still like, hopefully it sells off for a few more days, since I scaled a piece off yesterday, and then I can get back to full size lower as we do the discouragement dance