Auto index looking bearish
1. Double top formation is in progress, moving down towards the neckline which would be a strong support. If the neckline is broken, the target would be the bottom of the channel.
2. Day close below 21MA level indicated more bearishness
3. RSI divergence is also observed in the double top
Note
Double top neckline hit. Watch for breakdown.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.