Signs:
I'm hoping for a reversal above the 200SMA and be bullish, but this seems likely the play for bears. Would need a break above $42 out of the channel for me to remain bullish.
- Below 200 SMA on daily
- Symmetrical triangle broke down to a descending triangle
- RSI on daily still has some room to fall (basically in oversold territory though)
- TSV still pointing towards selling pressure /distribution
- If we convert the formation to a descending channel, it shows a target of the gap @ ~$16.
- We also fell through the middle of the channel (although this doesn't imply much)
- $16 is also the next support level if we can't stay above $30
I'm hoping for a reversal above the 200SMA and be bullish, but this seems likely the play for bears. Would need a break above $42 out of the channel for me to remain bullish.
Comment:
Price couldn't stay above the 200SMA. Currently at $22. Prediction of direction was correct. Waiting for confirmation of the PT for the bears.
Trade closed: target reached:
In PRZ. Target reached of $16.