Fiber is starting to look very toppy. The first sell off of the year was significant and this recent sell off looks to be a capitulating structure with the top falling shy of a HH and the fall collapsing with pace. As Neowave states - "the fastest move dictates the dominant trend," and here we seem to be setting up for a long term downtrend.
Significant bearish divergences on the Weekly and MACD looks ready to drop below the 0 point.
I'll be looking for the current bounce to reach the area of the 0.5 ($1.205) and 0.786 ($1.218) log based Fibonacci retracement of the previous sell off to open a short position for long term hold.
Not advice.
Significant bearish divergences on the Weekly and MACD looks ready to drop below the 0 point.
I'll be looking for the current bounce to reach the area of the 0.5 ($1.205) and 0.786 ($1.218) log based Fibonacci retracement of the previous sell off to open a short position for long term hold.
Not advice.
Comment:
Death cross incoming.
Comment:
This is looking like a bearish continuation pattern. Price very weak bounce, fell out trend channel, now re-testing. I'm going short here. Long term hold.
Comment:
Not advice.
Comment:
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