Here is my short case on CRSP:
- at the top of trading channel started since Feb 2020
- over bought reading on RSI
- both PPO and RSI shows very clear divergence high
Starting building a position as it hits the top of the channel and scale in as it moves down. Impulsive break of the wedge should move it down to the support at $161. Reaction will be likely, consolidation or a minor bounce. Then, if it gets taken down, then moving down to the bottom of the channel which intersects with $145.80 horizontal support. If that breaks, it's going way lower since $110 and $131 area are pretty thin so the move will be probably pretty swift.
- at the top of trading channel started since Feb 2020
- over bought reading on RSI
- both PPO and RSI shows very clear divergence high
Starting building a position as it hits the top of the channel and scale in as it moves down. Impulsive break of the wedge should move it down to the support at $161. Reaction will be likely, consolidation or a minor bounce. Then, if it gets taken down, then moving down to the bottom of the channel which intersects with $145.80 horizontal support. If that breaks, it's going way lower since $110 and $131 area are pretty thin so the move will be probably pretty swift.
Comment:
Despite of very bullish candle yesterday, today's reversal put it right back down into the channel. Proven to be a bull trap. We are still early in the trading session so we will see how it closes today.
Comment:
Coming back down now for sure. Closed today at $189.46. Around 13% down from the high. Confirmed high level bearish PPO cross over today as well.
Comment:
Break down. Closing below the light green trend line. Heading to the first target. Nothing but red candles since Jan 21st. Down about 18% from the all time high.
Comment:
23.23% down from all time high.
Comment:
Down 35% since the all time high. Today, finally taken down $146 second target. Next target is the trend line. Reaction will be likely.