$TNB - Short Term Trade Idea

TNB is signaling that it should reverse soon which would present some decent profit potential. This isn't my favorite chart but there definitely is a trade here. Go into it knowing that it can fall to lower levels & a stop is recommended at around .00001100. The safest place to enter is just above the last swing high where the green line & arrows are.

Price poked through the downward trend line, & in RSI we saw the same resistance punctured briefly before falling back below. This is a signal that there is bullishness that may start to win out. Also, RSI hasn't reversed yet but it is showing divergence vs the price which is necessary for the reversal. The pattern is kind of like a sloppy falling wedge & may perform like that.

This chart has some sharp movements which can lead to some nice profits but make sure you have sells in & are ready to roll if it turns. You can miss the profit target if you're unprepared or asleep at the wheel. This is also why we should set stops for this trade because if it falls through support there won't be a lot time to catch it. If support doesn't hold look to the second support line for another reversal opportunity.

Long story short - if things go right there is a nice trade here but be patient with your buy position & use a stop. Take profit when presented with it.