Aspen is now in week 24 of a weekly cycle, this is a favourite spot to reach a top, we ended the week with a swing high confirmation. The next task is moving down and closing below the upslopping trendline. The red arrow shows the likely path the share is going to follow on the way down. The 200 week moving average will be a good place to look for a weekly low and price will likely reach this level where the accumulation zone (R150-R158) converge with the 200 week moving average.
Comment:
Aspen moved swiftly below the trendline and is now seeking a weekly low. It still has time to continue downwards after a bounce out of a daily cycle low.
Comment:
Aspen did not waste time, within a month it has come close to the 200 week moving average, this is good area to take some profit from the short while we assess the health of the next bounce.
Trade closed: target reached:
Aspen has closed above the 10 week moving average & the declining resistance prompting a close of the short position.