Trade setup: Trends are mixed. Price had a bearish breakout from a Channel Up pattern and below 200-day moving average.
Swing Traders:Near term, price is oversold (RSI ~ 30) near $80 support, which means that it could bounce up to $98 for a +20% gain.
Trend Traders: Price needs to break back above 200-day MA (~$98) to resume its uptrend.
Pattern: Price was trading in a Channel Up pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $80, then $60. The nearest Resistance Zone is $105 (previous support), then $130 and $150.
Swing Traders:Near term, price is oversold (RSI ~ 30) near $80 support, which means that it could bounce up to $98 for a +20% gain.
Trend Traders: Price needs to break back above 200-day MA (~$98) to resume its uptrend.
Pattern: Price was trading in a Channel Up pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $80, then $60. The nearest Resistance Zone is $105 (previous support), then $130 and $150.