My previous idea became invalid. Thus, here some updated TA on MOVR.
MOVR is now forming a descending triangle--a bearish chart pattern (that usually forms during a downtrend as a continuation pattern). The pattern 'normally' indicates that sellers are more aggressive than buyers hence "lower highs". Thus, we might see a trend reversal at play. Wait for the breakout below support as well as a second confirmation.
As usual, best of luck!
-If you agree with this, like and share.
Cheers.
MOVR is now forming a descending triangle--a bearish chart pattern (that usually forms during a downtrend as a continuation pattern). The pattern 'normally' indicates that sellers are more aggressive than buyers hence "lower highs". Thus, we might see a trend reversal at play. Wait for the breakout below support as well as a second confirmation.
As usual, best of luck!
-If you agree with this, like and share.
Cheers.
Comment:
The projected target of this descending triangle wouldn't make any sense. The overall market is still bullish. MOVR seem to be forming a flag pattern (bullish continuation). I consider this idea invalid. Nonetheless, price may touch the .78 fib before lifting off. -Best of luck!
