Two quotes occured to me, if I checked this chart: 1. Jesse L. Livermore: One of the greatest mistakes inexperienced investors make is in buying cheap securities just because they are selling at a low price. - "Jesse Livermores Methodes of trading in stocks" Richard Wyckoff 2. Stan Weinstein: A very common mistake made by amateur technicians (and, suprisingly,...
Depends of the price actions of the coming days: Scenario 1 (bearish short term): If the 10 day MA and the Fibo level 78.6% is not going to hold we will see a backtest at the Fibo level 50% which correlate with the bullish wedge trend line. Scenario 2 (bullish short and middle term): If the 10 day MA and the Fibo level 78.6% is going to hold we will see a try...
At least the 10 week MA need to turn up. There are two major resistance levels: The first one at the Fibo level 78.6% the second one at price level 6.5. The volume profile analysis confirmed these setups.
Please watch the yellow circles. There is a very good long possibility if there will be a volume defined stage 2 breakthrough.
If the green trend line can hold we will some bounce. We are now at the bottom of the volume cluster. The hourly MACD shows us a turning point.
My CC1! short prediction for the next week! I think we can reach the last bullish gap and we need to fill it. The setup is very bearish, you can identify an evening star which started this movement!