On the way down it filled the gap from early June, which took it right to the 200EMA at the time, but then just blew right through it to the downside versus bouncing. Inability to catch a bid at the 258 level indicates notable selling pressure still persists.
Comment:
But given the continuous move down from 290 area to about 244 without a break, seems likely to see a bounce, or at least a pause coming up before deciding whether to continue lower or recover a bit. Would be looking for selling to slow down a bit in the 235-240 congestion area, before possibly heading even lower to 220 if the broader market remains weak or accelerates dowward.
Comment:
Made a turn up around 237 and now making a retracement up. Would consider this bearish as it's below both the 50 and 200 MA, and likely it's going to bump up against a fib level overhead to continue downwards. Would consider the floor before the previous gap at 269 now as a ceiling for this current move up - if it can even get that far. Perhaps 265 a stopping point ahead of that.