FuelCell Energy Inc (FCEL)

[hopester]

It ( FCEL) was ripe for a correction given its Extreme Overbought status. . JP Morgan was the catalyst.

What I expect from here is more of an unwinding to lower levels over time. There will be pops along the way but the near term trend ( 1-2 months ) and the intermediate term trend ( 3-4 months) will weakin considerably and turn negative.
I WILL NOT FALL PREY TO THE BOUNCES WHICH MAY LOOK CONVINCING BUT WON'T BE AS THE STOCK RESUMES TO LOWER PRICES.
A good entry point may develop when the stock becomes Extremely Oversold and shows ( by sideways movement) that it resists going lower. The damage done by the correction will need time to repair before another significant up move occurs.
All may occur as more positive discussion on the New Green Deal begins.
Indicators I use show an overall weakening now but not yet negative. Even the O/B indicator is weakening but not yet in O/S territory.
I'm sitting on my hands while things unfold .