Following the failed retest of the Descending Triangle pattern after its breakdown on February 10th, the stock is attempting to consolidate around its 200-day moving average. If the stock is unable to find support around the Fibonacci 0.618 level, it may continue to move towards its previous lower low levels, and possibly even towards the Fibonacci 1.618 level and beyond.
Without the creation of a proper uptrend, the stock may carry risk for traders who are uncertain where to set their stop-loss.
If there is a break above the long-term trendline, coupled with a bullish divergence on the Relative Strength Index (RSI), it may indicate a potential reversal of the bearish movement of the stock.
Without the creation of a proper uptrend, the stock may carry risk for traders who are uncertain where to set their stop-loss.
If there is a break above the long-term trendline, coupled with a bullish divergence on the Relative Strength Index (RSI), it may indicate a potential reversal of the bearish movement of the stock.
Kommentera:
Clearly the stock is bearish. Need to see if it will find support around 200-Day MA. If not it will be entering stage 4 downtrend.
