Being in one of the industries being hit the hardest by this outbreak, I believe further downside movement is due after our triple top @18.5$, our rejection of the 100 MA coupled with the bearish divergence on the MACD may point us towards a retest of our local support range marked by the green box or even possibly creating new lower lows.
We can also notice a possible head & shoulders formation developing on the chart, which in my opinion will playing out due to the gap in price possibly creating further downside pressure. To be safe I would trade at the breakout of the neckline.
I expect the overall market to drop as we can see a bearish divergence on the S&P, which I had pointed out on my last $AIG trade setup.
I would keep a tight stop at either the top of the shoulder @17.3 and TP would be the range indicated by the green box. Cheers and good luck.
Feel free to share your thoughts!
We can also notice a possible head & shoulders formation developing on the chart, which in my opinion will playing out due to the gap in price possibly creating further downside pressure. To be safe I would trade at the breakout of the neckline.
I would keep a tight stop at either the top of the shoulder @17.3 and TP would be the range indicated by the green box. Cheers and good luck.
Feel free to share your thoughts!