One of the noteworthy developments in recent days has been the move in social media stocks. The group was under tremendous selling pressure following Facebook (FB) and Twitter (TWTR) disappointing quarterly results. The Global X Social Media ETF (SOCL) fell 3.7 percent so far this week, bringing its YTD gains down to just 0.2 percent. Now the question is whether the recent selloff is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in SOCL.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – Global X Social Media ETF (weekly)
Our “U.S. Market Trading Map” painted SOCL bars in red (sell) – see area ‘A’ in the chart. The first dominant feature on the chart is the rising trend line starting in late 2015. The second dominant feature of the chart is the downtrend starting in early 2018, which represents the digestion period. The late July selloff…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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