We can see the RSI trend (downward) moving in the opposite direction than the price trend (upward) since a long time. And then the chart reflects two bearish patterns - Inverted cup and Handle, and an Inverted Head and Shoulders with neckline around 43!
Is this the indication of upcoming long term downtrend? Let me know your thoughts! Thanks!
Note: I'm just getting started and haven't finished a year trading stocks. This is not an financial advice, just sharing my thoughts to get public opinions for education.
Trade active
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Trade active
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Although, the trade seems to be going in the opposite direction of the signal, implying the Signal as Failed! It's still too early to say that the trend has reversed for upside!
Comment
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If it stays above 56 for a while, I'd call it the trend reversal to upside, and perhaps a massive upcoming rally!
Trade closed: stop reached
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The prices have reversed beyond first shoulder - 55-56, and therefore confirming the Head and Shoulder Top as failed signal!
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Failed signal reversed, indicating potential downtrend again!