johnlorenz

Bearish Flag - Pennant

Short
johnlorenz Updated   
NYSE:TAL   TAL Education Group
  • Chart Timeline: 2 HRS | I usually do a 1 hour timeline but I used the 2 hours this time because it's much more cleaner.

  • RSI: Mid to below-mid level | Meaning its still bearish/downtrend

  • MACD: Line if about to cross and could continue downtrend

  • Support Level: My strong support level is about $2. There's 3 level of lower support that I looked at. The $2, $1.70 and $1.50, but wasn't hoping for a dollar. My strong support lows of low is $2.


  • Conclusion: Chart giving me bearish pennant + RSI still downtrend + MACD about to cross + existing support level from previous lower low.


This is on a technical analysis standpoint. No fundamental involve.
Comment:
Update: Symmetrical triangle broken. Turned out to be rectangle instead. Still bearish
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