On the above 10-day chart price action has appreciated 150% in the last 22 months. A number of reasons now exist to be bearish, including:
1) The breakout of price action from a bearish rising wedge structure.
2) Double bearish engulfing candles. Remember this is a 10-day chart, don’t ignore bearish engulfing candles on this time frame.
3) Regular bearish divergence. Price action prints higher highs as both RSI and MFI (money flow index) prints lower highs. Volume is flowing out. Indeed there is 4 oscillators printing bearish divergence at this time. Look left!
4) The monthly chart (below) prints a hammer candle indicating sellers are numerous at the $90 level.
Exit at $90-100 is excellent but very risky.
Target: $65
WW
Monthly chart:
1) The breakout of price action from a bearish rising wedge structure.
2) Double bearish engulfing candles. Remember this is a 10-day chart, don’t ignore bearish engulfing candles on this time frame.
3) Regular bearish divergence. Price action prints higher highs as both RSI and MFI (money flow index) prints lower highs. Volume is flowing out. Indeed there is 4 oscillators printing bearish divergence at this time. Look left!
4) The monthly chart (below) prints a hammer candle indicating sellers are numerous at the $90 level.
Exit at $90-100 is excellent but very risky.
Target: $65
WW
Monthly chart:
Transaction en cours
Price action corrected 40% the last time the wedge broke, Will this time be different?
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.