REASONS TO BE LONG-TERM BEARISH
REASONS TO BE SHORT-TERM BULLISH
- Broke the 100 week moving average 14th Feb
- RSI has dropped into the bear zone, confirming sell signal
- Dropping outside of the exponential bull top (green area)
- Replicating same setup as January 2001
- Back then price made way all the way back to the 0.5 fib at $8. The same move this time would take it back to $105.
- Price/earnings ratio still at 33!
REASONS TO BE SHORT-TERM BULLISH
- Back-test of 100 week moving average could be on the cards in the coming week or two
- That said it has already done that in March 2022
- $480-490 would represent a nice setup & risk/reward ratio for a short
- RSI ticking upwards, potentially to cross into the green bull zone on daily
- Downside target or long entry would be $108, right to the top of the bottom purple zone. Back to 2016 highs. Likely some years away, before it gets all the way there though!