BHG: Time Increasingly Favours a Correction

BHG has tried to reach the upper resistance (black line), however it ends the week with a swing high in week 29. It is reaching a time where it must trend downwards. It is currently caught between a parallel channel trendline where it found support.

If it is forced back into the channel, then it becomes a good short entry expecting price to move towards the lower channel support. By then the 200 week moving average would be near the support line giving a good place for a bounce.

NB: BHG left a gap on 10 November 2022, price would have an interest to close that gap on its way down.

Comment:

BHG had a another week of trying to break higher, it ends the week with 2 shooting stars. BHG is a candidate of falling as if off a diving board. Once bulls are exhausted, the cycle will cause swift drop.

Comment:

BHG had a daily cycle low, now should resume the downtrend.

Trade closed manually