Bearish on TEN until Golden cross commences
Updated
TEN has surprised the traders once again with a break through the short downtrend, retracing back to support, bouncing and making 5% gains on the daily. However, with quarterly earnings on the horizon, I don't see these gains sticking around very long.
We are still in a major bearish downtrend, with GM layoffs looming, tariff rates, and the forecast for a recession upon us, for myself to feel any worthwhile investing in such asset. This asset, as well, is not going to trend fairly when companies start automating electric vehicles; since electric vehicles do not require an exhaust system.
I will be keeping an eye out for earnings and go from there.
We are still in a major bearish downtrend, with GM layoffs looming, tariff rates, and the forecast for a recession upon us, for myself to feel any worthwhile investing in such asset. This asset, as well, is not going to trend fairly when companies start automating electric vehicles; since electric vehicles do not require an exhaust system.
I will be keeping an eye out for earnings and go from there.
Comment
Update... Still no cross on 200MA, $7.20 didn't hold as a support.Looking at $1.50-$2.50 as the next support line. We are currently sub par originality levels. Doesn't look good as a direct stock investment at the moment. (Strictly looking at T.A. for this argument.)
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