Arista Network (ANET) Price Analysis
ANET is an FDN member stock, an ETF that I wrote about yesterday. See here for analysis. https://steemit.com/trading/@technicaltrader/internet-index-fund-fdn-price-analysis
Given the negative outlook for the ETF, it makes sense to be watching the member stocks and as is clear from the ANET chart, should price today close below the lower boundary of the topping pattern, that would give a target price of 180, derived from the height of the pattern.
Any significant close back above the lower boundary would be reason to reassess. For now, given the price action and general market weakness, looking for this to move toward that 180 level.
I see you use the 55 ma, instead of the 50, any reason why?
I think most of them of fairly arbitrary albeit self fulfilling at times. 55 as I think Fibonacci numbers and their occurrence in nature is fascinating. If anything it makes sense to data mine for each and every name to get the average with best fit.