In August, TAL formed head and shoulders, which I thought should result in a breakout upwards. But that has failed. In September, TAL dropped to fib 61.8 level, and support at 200EMA. At that time, the thesis has turned bearish.
As of today in October, short thesis has remained true.
As expected, TAL dropped further below $25
Inverse head and shoulders cause breakout downwards
Moving in a downward channel
Expect to continue movement downward within the channel, unless breakout of (1) 20EMA resistance level; and (2) upward boundary of resistance of downward channel.
Comment
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An attempt to break out the downward channel.
Trade closed: stop reached
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Breakout from the channel resistance. Reversal trend.