See that RSI?
This is an extremely irrational move down.
Fear not brother bulls.
We're merely seeing the death pangs of the bear we've gored.
Consolidation in this range is healthy, despite being frightening.
If we close beneath the red support line however, that's when I'll be looking to exist my trade position entirely.
If the $0.36 support is breached, we're almost certainly going all the way back to test the purgatory that is $0.33 hell.
As such I'd set my stop-loss positions just below $0.36 and wait for a strong bounce to reenter on the retrenchment.
This is an extremely irrational move down.
Fear not brother bulls.
We're merely seeing the death pangs of the bear we've gored.
Consolidation in this range is healthy, despite being frightening.
If we close beneath the red support line however, that's when I'll be looking to exist my trade position entirely.
If the $0.36 support is breached, we're almost certainly going all the way back to test the purgatory that is $0.33 hell.
As such I'd set my stop-loss positions just below $0.36 and wait for a strong bounce to reenter on the retrenchment.