The 75 level has been an important pivot going back to September of 2016.
A weekly close below the 75 level and the 100(red line) and 200(green line) DMA's would likely lead to further losses.
If the 7500 level holds, I will be looking for long positions.
The Technical Outlook
Per the chart above, the next significant level is the high print going back to October of 2015. That equates to a ~61% gain from current levels.
As noted above, 33% of the float is short, which tells me there is POTENTIAL for more upside.
Let's look at GoPro's recent quarter.
Per Bloomberg -
"Revenue will be $190 million to $210...
Under Armor missed their revenue target after 26 consecutive quarters of at least 20% revenue growth.
Since trading above $52.50 in 2015, their shares have fallen 60%, now trading under $22.00.
This article from spring of last year sums up the "athletic wear" market pretty well.
For me, I think this stock needs some time to settle down.
The article speaks...
This is looking interesting. Not much to say: RSI divergences developing, with the stock down 45% since March. The selloff seems fairly exhaused. Nice risk reward, if you put a stop at 4.79 and target at 5.27
- Low test candle formation.
- Rejection of both horizontal support and a downward sloping trendline.
- Price sat between 0.5 & 0.618 Fib retracement.
- Bullish MACD Divergence
- Oversold on Stoch RSI
- Trading against the trend.
- Trading towards key EMA's.
Thoughts on this position?
1. Look for price to go down to the 2nd support level of .5.
2. Price may retrace 2 times at .5 & .382 before the big breakout "Long"
3. Regardless the price will break through the channel by 5/30/2016
4. The Uptrend will start once this happens.
5. If the price does this look to enter between 1.30028-1.29700 on a"Long"
6. Profit Target is between (A)1.31439-(B)1.31266
AUD/USD more upside in the coming months/weeks ? we have seen many higher lows since October witch is favoring more longs. First upside target is 0.73746 witch is crucial resistance for this pair, if we see a breakout 0.7600 is my next target witch is confluent with FIB.