JKH | Horrifyingly Bearish
The stock broke below the long-term support range on February 20th and subsequently retested the previous support level on Feb 24th. However, it encountered heavy resistance and continued to show a bearish trend, forming a head and shoulders pattern. If the stock fails to hold at 135 levels, it may seek support at the 200-day moving average or even at the Fibonacci retracement level of 1.618 around the 128 range
Comment:
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Comment:
01-03-2023
The stock has retraced towards the head and shoulder neckline and 10-day moving average after a previous downtrend. Until a proper breakout of both resistance levels occurs, the stock is likely to remain in a bearish phase. A break above both resistance levels could indicate a bullish reversal, but until then, caution should be exercised with having a proper stop-loss.
The stock has retraced towards the head and shoulder neckline and 10-day moving average after a previous downtrend. Until a proper breakout of both resistance levels occurs, the stock is likely to remain in a bearish phase. A break above both resistance levels could indicate a bullish reversal, but until then, caution should be exercised with having a proper stop-loss.