In this analysis I am suggesting that the downward channel that has formed will break down
This breakdown may end at the dotted black line under the channel
The green rectangles are historical points of support, currently price is very close to this level
I think it will go lower, briefly.
Pretty self explanatory, strong reaction to the upside every time it touched yellow trend line. looks like it is setting up to do that within this month or the next.
The last time I looked at this stock I had a bullish Bat Pattern on my radar, which resulted in a move back up to previous structure before continuing short. That movement down ended up being the 3rd drive in a bullish 3 Drives pattern (in yellow) and what I would expect is a minimal move back up to previous structure (orange arrows).
Typically when traders look...
Rite Aid and I have a long history going back to a buy when it was well less than a dollar. We've recently seen a steady bullish move until the recent news that competitor Walgreen Company was looking to buy the remaining 55% of Alliance Books putting them into international markets for the first time which would potentially allow them to undercut Rite Aid.
For...
