The rig market still sour. Tecnical analysis might speak bearly more fore a bullis retrace/dragg uppwards, but taking in consideration the strong bearish market one should be verry carefull with setting ecact points for turns of dirrection. The drags down on all movements in this stock has had much greater time interval than uppwards. weeve seen short but strong uppwards movements. like one often see in strong bullish markets with reetracements down. I do not think the support at 32,5 will hold. The stock has just passed the low volume profile level wich we see every time this happens the stock getss renewed power downwards. The value distans and time distans are merely similar. So if history repeats it should get a good push down as a consequense of fassing the lowest level with low lever at volume profile.
I think the last turn on 67 level, wrepresents the historical point wich we will see a turn uppwards this time allso. This means we should be atient and look for the weekly rsi to lower a little further. Last time reaching 20. Then a push upp. I would will putt a long possition on this stock if we se continues down movement now, and we reach that 20 level. I do not belive we will se lower rsi levels now due to that the rsi levels historically just hav sunken above this level, when it has touched the botom of the big trend line, and at the same time hitting that low level volume profile level (wich we just passed and a long way to go down in that case). Furthermore the indication that wee se with the "mountain" pattern in the rsi chart, when we have now come down from a mountain topp and starting to see lower rsi levels, at the same time crossing those smaller trend lines look to me VERY similar to that last time at the 67 leve, if the rsi now is to go down to 20 levels.
Feel free to cometn what you guys think! i think we will see a prettiy good down movement now first. Lett the rsi hitt 20 before going long. Allways bee avare the possibility is much less for hitting right on a low for a long when youre in a downtrend...
Feel free to like coment and subscribe guys!
I think the last turn on 67 level, wrepresents the historical point wich we will see a turn uppwards this time allso. This means we should be atient and look for the weekly rsi to lower a little further. Last time reaching 20. Then a push upp. I would will putt a long possition on this stock if we se continues down movement now, and we reach that 20 level. I do not belive we will se lower rsi levels now due to that the rsi levels historically just hav sunken above this level, when it has touched the botom of the big trend line, and at the same time hitting that low level volume profile level (wich we just passed and a long way to go down in that case). Furthermore the indication that wee se with the "mountain" pattern in the rsi chart, when we have now come down from a mountain topp and starting to see lower rsi levels, at the same time crossing those smaller trend lines look to me VERY similar to that last time at the 67 leve, if the rsi now is to go down to 20 levels.
Feel free to cometn what you guys think! i think we will see a prettiy good down movement now first. Lett the rsi hitt 20 before going long. Allways bee avare the possibility is much less for hitting right on a low for a long when youre in a downtrend...
Feel free to like coment and subscribe guys!