Harmony ONEUSD Daily - short-medium term bearish

Harmony was rejected by the 20 day SMA with very little local support to slow price decline. The next significant support is at the 50 day SMA, which is currently trading around $0.11-$0.12. The Ichimoku cloud also presents a possible support area, although the tenken just crossed below the kijun, which is generally a pretty reliable sell signal; and the chenkou span is moving back down toward the priceline, so it's possible that a more sustained downtrend is coming.

Looking at the 50 SMA to provide a signal as to whether a reversal of the local downtrend is in the cards for Harmony.

Commentaire:

Current retesting the 20 day SMA as resistance, rejection likely pulls price down to the 50 day SMA to retest it as support. A break above the 20 day SMA will most likely see a brief run up with a pullback to retest the 20 day SMA as support. If that holds, then continuation to the upside is probable.