Note that TOPS is trading within a symmetrical triangle. We opened today in the 1.90's and filled the gap back down to 1.71. Gap from 10/26 at 1.65 has been filled. I don't think it will go below 1.50 because of the offering. The end of the symmetrical wedge is 12/13, which is around when I think the 50MA and 200MA will re-connect for the bullish cross.
Also ...
Ok, lots going on here on my messy end. From bottom to top:
1. RSI trend line from 8/15 is still intact. Needs to bounce off 38-40ish to keep the trend intact. RSI currently at about 45. Wedge ends 10/5ish so I expect the next big move to be around then?
2. Accumulation/Distribution line, while improving, still shows significant divergence from the SP. Note ...
1 move will be worth about 10% so be very careful on this. This will go down to infinity and it has a lot of short sellers. If you short this, you might be at risk of losing more than 1k% or more.
DON"T GO IN WITHOUT A STOP.
Based off technical's this looks pretty bearish. Considering the fact they just had an RS. Needs more uptrend to reverse course.
If you're a short, this stock would be for you!
Feel free to take a look. Not a single price level has been changed since original. Here is the end result.
Please look at image below for proper formatting of intended image.
This website uses cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies, please read our Cookies Policy.
NASDAQ:TOPS
