But today (after reporting increasing income last Q), the stock rebounded and closed above the highest point of last Friday ...(see chart above) ...does it look like a FALSE - BREAK DOWN / FAKEY SETUP ??!
As per an article in www.learntotradethemarket.com - a Fakey setup is described as - "Often times the stock will appear to be headed one direction and then reverse, sucking all the amateurs in as the professionals push price back in the opposite direction. The fakey setup can set off some pretty big moves in the stock".
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AN EXAMPLE OF FAKEY SETUP CHART |
