I have reasons to believe that this sudden jump in price is anomaly. Looking at historical RSI data we can see that when RSI hits the 70 level it often bounces back, somewhat hard. Looking at the chart I would say this is not a break of the overall bearish pattern over the last days. This is, in my opinion, just an bullish break, and bound to drop to the supportline.
As I am new to technical analysis I would not advice anyone to short the stock based on this analysis. If you have any thoughts to support/opposite my prediction, feel free to share it as I am eager to learn/hear your thoguhts!
As I am new to technical analysis I would not advice anyone to short the stock based on this analysis. If you have any thoughts to support/opposite my prediction, feel free to share it as I am eager to learn/hear your thoguhts!