Break in Uptrend structure confirmed and we are no longer in an uptrend. We've been in a sideways range and now entering a bear market as of today. We now have a largeish Inv Cup and Handle with a few bearish signals. 21>7 - bearish price>200 - Bullish RSI <50 - Bearish lower highs Target R2,766.00
WARNING Even though we expect the price to drop, it's only correcting back to the 200MA zone. Once the price gets there, we'll see a test between the bulls and bears before a chosen direction is established.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.