PayPal broke to the downside, then bounced up on a strong upside market day. However, the gain of the bounce is weaker in volume and price pattern than the previous downside black candlestick. It has weak support to the downside all the way to the red line.
After a strong rally to the upside it's hard to see price moving downward, afterall we've bean hearing a lot of possitive news througout the media. But as a trader aren't we supposed to be contrarians? Well after looking at how today ended It could be hypothesised that the stong move to the upside has calmed down since bulls failed to break through recisstance and...
In a clear bearish channel. Odds are for further downside.
Blue triangle indicates the current range.
Green box is buy.
Red box is sell.
Blue line indicates potential support/resistance .
Green line indicates t/p.
This is a log chart.
This is not financial advice. All charts shown on my page, including this one, are just for fun.
If you enjoy my ideas...
After the long Bearish Candle on the 4H Chart, there could be a potential Correction to the Upside, maybe to the Fib 50 or 61.80 (which, as you can see, acted as previous RES/SUP). We get more evidence for an upcoming Downmove by the 1D 50/100/200 SMAs and a Breakout of the 1D and 4H Trendline (Two Bottom Charts).
Right now 10.38 (MEZ) I would suggest to wait...
o seems like the past to least resistance is
the down side
o Observe price action and see where is the
possible reversal set up
o Bulls are trying to push, but this trend
about to bust
o it's good to wait till price hit back to 59.50ish
area and look for a set up or break below 58.56
to go short
SPY has been on a run since it tested its 200 weekly moving average back in December, but the rally may soon be over. This rally has been on declining volume (this basically means volume isn't confirming this rally, which indicates a bearish divergence, as the price is rising, but the volume is declining), and the weekly Stochastic appears to be preparing for a...
After dropping from the current bull market Trump announced that we were only but experiencing a glitch in the market, suggesting the bull market will continue. However I disagree with that idea, although I do admit that the sentiment has become more bullish on the recent days I still stand bearish on the market. My reasoning being that the market had been...