A day where a technical peak causes the ticker to decline, combined with mediocre news out of an important state, RGSE took a haircut, but then showed a lot of support. Volume and price both spiking end of day makes me think this was a easy short and covering end of day leads me to think tomorrow will either be flat or a quick reversal.
The channel traded upwards for almost a month, then burst out topside with yet another top 1/3 pennant forming, bad news out of HI not only killed that formation but pushed us into the lower part of the channel.
The good news is the channel held throughout the close.
Tomorrow should reveal which pennant will be completed. If we see a slight green day we could have the green circle repeat with a big kick back into the uppermost channel.
The channel traded upwards for almost a month, then burst out topside with yet another top 1/3 pennant forming, bad news out of HI not only killed that formation but pushed us into the lower part of the channel.
The good news is the channel held throughout the close.
Tomorrow should reveal which pennant will be completed. If we see a slight green day we could have the green circle repeat with a big kick back into the uppermost channel.