Hello Fellow Traders
NASDAQ:RUF has been climbing back up over the past few days which brings some hope in terms of settling a support at around 18.30 (200 Weeks SMA Shown in Red Line) at weekly chart, but we've been witnessing drastic decline in value of this index since the early 2018 and it seems that the bearish trend is not just over yet.
The warning sign is that major buy backs aren't coming in or if they are they're not capable of sustain against this sell off. If it couldn't hold on to this level and closes below the "200 Weeks MA" there's a good chance for it to dip pretty steep to find support at 14.00 or even further down to 12.00 which are the most probable support zones based on price action performance during last decade or so.
Looking at the monthly chart below we can see that it's slightly above "200 Month SMA"
Closing below "200 Month SMA" could be very bearish so keep an eye on that.
Now if interest rates continue to rise or the market can't handle the current status, We might encounter even deeper corrections.
I'm not currently invested in any kind of stocks relating to development and construction of homes and communities, but I wanted to share this for people who are involved.
Special thanks to Mr Nicholas Merten who shared this info on social media.
*Please be informed that this is not a financial advise*
NASDAQ:RUF has been climbing back up over the past few days which brings some hope in terms of settling a support at around 18.30 (200 Weeks SMA Shown in Red Line) at weekly chart, but we've been witnessing drastic decline in value of this index since the early 2018 and it seems that the bearish trend is not just over yet.
The warning sign is that major buy backs aren't coming in or if they are they're not capable of sustain against this sell off. If it couldn't hold on to this level and closes below the "200 Weeks MA" there's a good chance for it to dip pretty steep to find support at 14.00 or even further down to 12.00 which are the most probable support zones based on price action performance during last decade or so.
Looking at the monthly chart below we can see that it's slightly above "200 Month SMA"
Closing below "200 Month SMA" could be very bearish so keep an eye on that.
Now if interest rates continue to rise or the market can't handle the current status, We might encounter even deeper corrections.
I'm not currently invested in any kind of stocks relating to development and construction of homes and communities, but I wanted to share this for people who are involved.
Special thanks to Mr Nicholas Merten who shared this info on social media.
*Please be informed that this is not a financial advise*