Those 2 green bars were of 6 & 8% resp. With no follow through. Price is sideways with major pick in volume, shows strong supply is incoming n those 2 green bars were created to lure Public. There can be a pullback, but it wont sustain. Increasing of volatility is a sign of big move, since 5%+ moves have become normal since mid May 2022. Even a 6% move on 16 May lacks follow through.
Stock is nearing a structural breakdown, trading just above congestion zone created just before a big move. Interestingly there is high volume activity just above the congestion zone currently. This can be interpreted as market makers are offloading their stock. Any bounce here on wards will se a sell off.
On Lower Time frames
There was a failed breakout with high volumes, just above previous day. Again the longs were trapped.
To Conclude we may see a sharp decline in coming days, any bounce should be used as exit opportunity.
Stock is nearing a structural breakdown, trading just above congestion zone created just before a big move. Interestingly there is high volume activity just above the congestion zone currently. This can be interpreted as market makers are offloading their stock. Any bounce here on wards will se a sell off.
On Lower Time frames
There was a failed breakout with high volumes, just above previous day. Again the longs were trapped.
To Conclude we may see a sharp decline in coming days, any bounce should be used as exit opportunity.
Comment:
Daily resisting on 20 SMA
Yesterday's move paused at 20 SMA
Perfect breakdown candidate.
Daily resisting on 20 SMA
Yesterday's move paused at 20 SMA
Perfect breakdown candidate.
Comment:
What went wrong? Shorted very early. Still away from 20 SMA on weekly
Another breakout failed on smaller time frame.