This chart shows the continued emergence of seller exhaustion of this incredible move downwards which we know has been driven by the dual factors of a major holder selling down a 10% stake in full and hedge funds shorting the stock.
The obvious RSI divergence and inability to set lower closing lows is telling me the trade is starting to swing towards the long side here. As we are so deeply sold and shorted, the potential move up could be quite rapid and sharp followed by immediate profit taking so trade it with care.
I am a buyer at these levels though.
The obvious RSI divergence and inability to set lower closing lows is telling me the trade is starting to swing towards the long side here. As we are so deeply sold and shorted, the potential move up could be quite rapid and sharp followed by immediate profit taking so trade it with care.
I am a buyer at these levels though.