Good morning all....truly a good morning to be long SIRC. As mentioned in my chart post yesterday this is just daily price consolidation inside of an emerging triangle. (Last week the weekly candle was both and inside candle and also a doji candle so no surprise on this week's consolidation) Yep...still a good chance we may test and find support around the .5250 area before going right back up again. The .5250 area would be the bottom of the emerging triangle and also around where the 20 day EMA is. The longer we putts around with price basically going sideways like we are doing right now the bigger the explosion up. Volatile periods lead to consolidation periods and consolidation leads to volatile periods. We are just waiting for a catalyst to launch the volatility. It will happen.
One thing for sure I want to post sometime this week is the weekly chart. Very very unusual for all four EMAs....the 10, 20. 50 and the 250 EMA's on the WEEKLY chart are all squeezing together tightly....I have NEVER seen this on the SIRC chart and hard to find on any stock chart... Just confirms to me from a technical point of view that a very big uptrend is coming...
Expecting a bounce up today after a nice recovery at the end of the day yesterday. We did bounce off the 20 EMA and visited the bottom of the triangle in the .5250 area as mentioned in yesterdays' chart. Looks like the Sunnova news will be the catalyst to get us started up today. Will we be able to break up above yesterday's high at .5730 or will we sit inside yesterday's range and have an inside day? Will update depending upon what we get...all good! JMO...anything could happen!
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