On Friday March 6th I made a new blog post calling SKF (UltraShort Financials) Overbought.
Now, 10 days later I want to put my opinion down in writing. SKF went from over $260 to $126 (so far) that is more than 50% off (around $13.40/day for past 10 days).
When I first posted my opinion i was being generous and looking at $182-$186 for the move down to earth.
There was an important fib retracement at $155 and one at $120.
Being a recent fib retracement follower I have a position in the $150-155 range, toady SKF didn’t go as low as $120 or i would have doubled down.
If this is the short term bottom for SKF the move up seems to hit $213, I am not good with timing the market with dates so i don’t want to give misleading info.
to recap.. SKF trying to refuel? Buy at $155 or $120 with a target at $213
I am including a visual as always (Click to enlarge)