Reading The Tape

This chart of U.S. listed, Ciena Corporation is representative of many stocks that I watch.

Rather than ‘paint shapes’ about whether prices bounce or soar, I think a bunch of stock prices have a lot of digestion and consolidating ahead of them.

You can call them waves, perhaps draw some support or resistance lines or throw in some other technical indicators but for now, I’ll refer to it as ‘reading the tape’.

Broadly, prices continue to act unusually and much of the price action can be best described as scalping in between the prevailing range.

November 17, 2022

by Rob Zdravevski

rob@karriasset.com.au