Tech printed a triple divergence on a daily timeframe today between price and MACD, with a bearish engulfing candle close.
Even if today's high holds, we are likely to see a retrace higher of this downside move in the first half of next week.
Assuming the high holds, we are likely to see a pullback to the 50MA around ~ 200, or 3.5% lower than today close. A re-connect with the 200MA around 180 is not out of the question which would see price drop another 12-13%.
The recent examples of similar occurrences of price and momentum divergences are December (50MA test) and last July (200MA test).
Even if today's high holds, we are likely to see a retrace higher of this downside move in the first half of next week.
Assuming the high holds, we are likely to see a pullback to the 50MA around ~ 200, or 3.5% lower than today close. A re-connect with the 200MA around 180 is not out of the question which would see price drop another 12-13%.
The recent examples of similar occurrences of price and momentum divergences are December (50MA test) and last July (200MA test).