My projected bearish
targets for my previous analysis was reached(see previous analysis for the complete picture). However, the price remains in a negative technical position. The price recent rally failed to be sustained, as it retested the 200-week SMA
before resuming the bearish
bias. Overall, this comes in the context of a major bearish
breakout of a head and shoulders
top pattern, which has an ideal target near 34.50. it looks like there still further room for the stock to fall, and the most likely initial target is the head and shoulders
target at 34.50, which is near a major horizontal support at 33.35. If we reach there I will be watching the shares carefully, as further breakdown will probably expose the share for more sell off to 27.00.
For me, the technical picture wont improve unless I see a clear break above 43.00, that may call for a more serious rebound.
Best of luck, join me at https://twitter.com/thefxchannel