First let's look at the Daily (left side): - We hit a RSI of around 96 the second time and are highly oversold. The first time it market a temporary Top! - Normally a stock moves in Waves. We detached from the MAs and are likely to return to the 50 ema earlier or later. - Volume Analyses also shows signs of excessive bullish volume we normally see on overshooting tops.
Let's look at a shorter time frame now (4h - right side): - We see a weakening RSI. - The Trend has not broken down so far and the 9 ema is still holding. I suggest to at least set a stop or Trailing stop below here. - The VolumeAnalyses is showing sell signs (red triangle down)
Conclusion: In case of a pullback the first "Volume support" is around 15. Which is marking the top of the prior re-accumulation phase. A backtest of the "last point of support" is normally needed to confirm the bias and regain strength for the next move. The bullish scenario would be a pullback on low volume, that is holding the support zones.
Note
The RSI is of course highly overbought, not oversold!
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