A couple major things for this chart. 1. The Head and shoulders pattern signifying a break of the support line that has been tested multiple times recently. 2. The declining volume with price rising = bearish. 3. The 26 Week EMA being tested for the 3rd time. As well as a gap that needs to be filled (on the daily chart, we're looking at the weekly) at around $118-126. I would expect a pullback to the .618 Fib zone. And would be looking for potential long entries there.
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With your levels being that far apart, I would think more of a 50% reversal. Completely gapping through the jump would be insane for a stock that offers so much and is pretty undervalued.
CookieMonsta
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@qudusky13, I could very well see that happening, I was thinking more of a slight dump leading to a short term downtrend, to bring the 100DEMA down to confluence with the .618 fib zone. Not saying you're wrong, but i would be much more comfortable longing from there.
CookieMonsta
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@CookieMonsta, but, yes looking back at it i should have placed my green box further out to better transmit my theory to viewers. Thank you for your input i appreciate it