From false moves come fast moves. Symmetrical triangle had everyone fooled when it broke out and up only to reverse and break down with target of 610 reached. Could see an automatic rally B C move next to attempt to close upper gap. Any movement into the lower demand band below usually triggers rallies. There is a gap below at 520 but it remains to be seen if this will be filled on this occasion as orders may be waiting above and traders may target complacent shorts. This cash positive share is oversold on all time frames, including monthly.
Commentaire:
Large green volume candle in US market OTC shares traded after Euronext close (5.9m vs 1.60m shares traded) confirms that this share is ready to rocket up to the 830 to 1200 range before possibly declining again into the C wave