UPDATE - Reversal Confirmation?
This is an update to my precious idea
UAVS has several indicators pointing towards confirmation that bearish momentum has reversed, and a new uptrend may be starting.
Momentum – During the previous downtrend we see the RSI (10 close) hit oversold and find resistance at the mid-line. We now see RSI hit overbought while finding support at the mid-line.
Trend – The 12EMA has crossed the 50EMA to the upside and SP is finding support at the 12EMA
Volume – SP is rejected at the neckline of IHS on high volume to then find support on low volume at left shoulder. After the rejection overall volume fades but SP holds and slightly rises.
Chart Pattern – SP has formed an inverse head and shoulders reversal pattern.
I appreciate any questions, critiques, or comments, thanks for looking!
This idea is for discussion purposes only and is not financial advise.
UAVS has several indicators pointing towards confirmation that bearish momentum has reversed, and a new uptrend may be starting.
Momentum – During the previous downtrend we see the RSI (10 close) hit oversold and find resistance at the mid-line. We now see RSI hit overbought while finding support at the mid-line.
Trend – The 12EMA has crossed the 50EMA to the upside and SP is finding support at the 12EMA
Volume – SP is rejected at the neckline of IHS on high volume to then find support on low volume at left shoulder. After the rejection overall volume fades but SP holds and slightly rises.
Chart Pattern – SP has formed an inverse head and shoulders reversal pattern.
I appreciate any questions, critiques, or comments, thanks for looking!
This idea is for discussion purposes only and is not financial advise.
Comment:
***PREVIOUS*** not precious
Comment:
RSI (10 close) failed to hold support at the mid-line. 12EMA failed to hold up the SP and crossed 50EMA to the downside. Daily volume is still very weak and well below the 30-day average. IHS pattern is still valid IMO as the selling pressure has decreased on the right shoulder compared to the left. I see signs of consolidation as the RSI seems to be rotating around the midline now, and the 1HR EMA lines have also crossed twice this week. UAVS announced a corporate update on 3/31 at 430PM EST, I will be listening for any news regarding updates on contracts, partnerships, or acquisitions. Current average $7.38
