ASHR Bearish – 3.5-month falling wedge remains capping
ASHR 32.46 Bearish – 3.5-month falling wedge remains capping
ASHR formed a 3.5-month falling wedge (from the 55.19 peak, June 8, 2015), continuing to cap the recent rise to 35.29 (September 21, 2015 high). With the indicators still weak, there is scope for a retest of 28.84 (August 24, 2105 low). Below there would expose the key 27.00/26.65/26.23 support zone (November 10, 2014 weekly low/October 27/September 8, 2014 highs). However, if bulls manage to break through the falling wedge resistance near 35.29, that would suggest 28.84 could be an important low near term and extend consolidation towards 38.25/38.56 (January 5, 2015 high/July 27, 2015 low).
Outlook:
Daily: neutral
Weekly: bearish
ASHR formed a 3.5-month falling wedge (from the 55.19 peak, June 8, 2015), continuing to cap the recent rise to 35.29 (September 21, 2015 high). With the indicators still weak, there is scope for a retest of 28.84 (August 24, 2105 low). Below there would expose the key 27.00/26.65/26.23 support zone (November 10, 2014 weekly low/October 27/September 8, 2014 highs). However, if bulls manage to break through the falling wedge resistance near 35.29, that would suggest 28.84 could be an important low near term and extend consolidation towards 38.25/38.56 (January 5, 2015 high/July 27, 2015 low).
Outlook:
Daily: neutral
Weekly: bearish