The Russell is bouncing hard overnight.
I therefore tested a possible short TNA trade as TNA is extended above its 5MA.
TNA has had a lot of reversals this year. Not a stable B/H
We can see that yesterday, we closed at the top of the envelope. This is not the best place to buy!
With the overnight buying, TNA is expected to open at $77 or higher.
So, let's test shorting at that level.
We can see that a short at between $76.5 and $77.5 looks interesting for the next few days, but you would have the market momentum against you.
At least, I would not advise to buy here.
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