The support line of the Channel Down has been broken. For 2 days in a row, half of the red candle is hanging below the trendline.
This can be an ominous signal.
The descending channel pattern is also known as a “falling channel” or “channel down“. A break out above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
The simple moving averages have negative crossovers on all 4 I used. The 20, 20, 100 and the 200 are all sloping down.
The short term moving averages in the Alligator which consist of the 5,8 and the 13, are also pointing to a downtrend.
No recommendation. It looks as if we have some more downside.
It seems we would have a bounce soon. Bad markets do have up days. Bull markets have down days.
This can be an ominous signal.
The descending channel pattern is also known as a “falling channel” or “channel down“. A break out above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
The simple moving averages have negative crossovers on all 4 I used. The 20, 20, 100 and the 200 are all sloping down.
The short term moving averages in the Alligator which consist of the 5,8 and the 13, are also pointing to a downtrend.
No recommendation. It looks as if we have some more downside.
It seems we would have a bounce soon. Bad markets do have up days. Bull markets have down days.
Comment:
Correction: The 20, 50, 100 and 200.