TPW - Medium term Bearish Trend Confirmation
Bearish Trend Confirmation Indications:
1. The trend has got weak on the weekly and Monthly with Bearish Engulfing Candles and High Volume
2. The price has formed a lower Highs and a lower Lows on the Daily which is confirmation of a bearish trend
3. The down move was a powerful and impulsive wave
I expect price to retrace on the upside, and I expect price to get weak at or near (Resistance Zone between $10.50 - $11.00 level), where sellers may attempt to dump the stock. I expect price to get weak. The ideal level and extremely Strong Support Zone is between $6.50 - $8.00, but it is not necessary that price may drop all the way down to $6.40. There may be little swings on the way down but will have to see where TPW finds strong support. I would be a confident buyer at that strong support level for a long term position.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
1. The trend has got weak on the weekly and Monthly with Bearish Engulfing Candles and High Volume
2. The price has formed a lower Highs and a lower Lows on the Daily which is confirmation of a bearish trend
3. The down move was a powerful and impulsive wave
I expect price to retrace on the upside, and I expect price to get weak at or near (Resistance Zone between $10.50 - $11.00 level), where sellers may attempt to dump the stock. I expect price to get weak. The ideal level and extremely Strong Support Zone is between $6.50 - $8.00, but it is not necessary that price may drop all the way down to $6.40. There may be little swings on the way down but will have to see where TPW finds strong support. I would be a confident buyer at that strong support level for a long term position.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
Comment:
Comment:
TPW has moved higher but has hit Strong Resistance. I still believe that it is risky to buy TPW and I think it should continue lower towards $9.50. There is good support at $9.50.
Comment:
Comment:
Price has reversed very strongly right after making a Double Top erasing gains of 8 days in one single day, and RSI going down from Oversold Zone and forming Bearish Divergence. This kind of Price Action makes me think that we may see further weakness in price value of TPW. MACD also looks like it is about to give a Bearish Cross so I think it should continue lower towards $9.50.
Comment:
Comment:
Price is continuing to reverse strongly right after making a Double Top, erasing gains of 12 days in just two days. RSI going down from Oversold Zone and forming Bearish Divergence and MACD has also crossed. I believe that we should see further weakness in price value of TPW and it should continue lower towards $9.50.
Comment:
Comment:
TPW is under pressure and as it got rejected after making a Double Top, we may see further weakness in price value and it should continue lower towards $9.50.