GUESS Key Level Broken| Bearish Retest| Volume Climax
Evening Traders,
Today’s technical analysis will be on GUESS, breaking major structural support and confirming a bearish retest,
Points to consider,
- Bear Trend (consecutive lower highs)
- Structural support breached
- Confirmed S/R Flip
- RSI oversold
- Stochastics in lower regions
- Volume climax evident
GUESS has been in an established bear trend with consecutive lower highs, a new local low has been confirmed with its recent wick down.
Weekly structural support has been breached; this is a high timeframe support, broken with convincing volume with a confirmed bearish retest. Bulls were not able to break above the now resistance – confirming the S/R flip.
RSI is currently oversold; a reversion back to neutral territory is highly probable. The stochastics on the other hand is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the
upside.
Volume climax is evident, signalling a temporary bottom is in; however this is likely to change due to the confirmed S/R flip.
Overall, in my opinion, Guess is likely to test lower lows upon breaking key structural support. This is also combined with the greater economic situation; the retail sector is largely hit.
What are your thoughts?
Please leave a like and comment,
And remember,
“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah
Today’s technical analysis will be on GUESS, breaking major structural support and confirming a bearish retest,
Points to consider,
- Bear Trend (consecutive lower highs)
- Structural support breached
- Confirmed S/R Flip
- RSI oversold
- Stochastics in lower regions
- Volume climax evident
GUESS has been in an established bear trend with consecutive lower highs, a new local low has been confirmed with its recent wick down.
Weekly structural support has been breached; this is a high timeframe support, broken with convincing volume with a confirmed bearish retest. Bulls were not able to break above the now resistance – confirming the S/R flip.
RSI is currently oversold; a reversion back to neutral territory is highly probable. The stochastics on the other hand is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the
upside.
Volume climax is evident, signalling a temporary bottom is in; however this is likely to change due to the confirmed S/R flip.
Overall, in my opinion, Guess is likely to test lower lows upon breaking key structural support. This is also combined with the greater economic situation; the retail sector is largely hit.
What are your thoughts?
Please leave a like and comment,
And remember,
“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah