The current price is bouncing between two ranges marked by red and green arrows, we have resistance from 21 Weekly average (330) and support from 50 moving average (309), one of them has to give way
RSI recently got rejected from top of the channel (red arrow) and now below 50, likely will go to bottom of channel
The bearish rising wedge is an obvious pattern which now is breaking down, if this plays out we likely retest the lows or make new lows, but it will not be a straight path down, there should be bounces on the way.
RSI recently got rejected from top of the channel (red arrow) and now below 50, likely will go to bottom of channel
The bearish rising wedge is an obvious pattern which now is breaking down, if this plays out we likely retest the lows or make new lows, but it will not be a straight path down, there should be bounces on the way.
Comment:
Six weeks later we are still stuck in the range but slowly appear to slipping down, 50WMA at $284 has held many times but may not hold with another drop, thats the last hope for bulls
The green support line held for six weeks (red box) and now for the last 2-3 weeks its acting as resistance
The green support line held for six weeks (red box) and now for the last 2-3 weeks its acting as resistance
Trade closed: target reached:
We did get new low at $198, and almost bounced from our expected line at $189 from previous chart
After the sharp 50% bounce, we are seeing resistance at the same line (red) that acted as support in Aug.
In addition, the 21 Weekly MA (green) was a barrier since july and acting as resistance again now
After the sharp 50% bounce, we are seeing resistance at the same line (red) that acted as support in Aug.
In addition, the 21 Weekly MA (green) was a barrier since july and acting as resistance again now
But wave 2 retracement will be be deep, below $200
To confirm this we need to break to new highs after the retracement