Price in 5 mins shows unreasonable price & volume formed. Despite high volume traded intraday, but the stock price stays within the range. This could mean the "Jedi" are holding the price up while churning volume to looks good to the public.
From our analysis, we find these price movement a price peak & a possible short term retrace is building up. Which going...
Price is facing bearish pressure from our first resistance in line with our descending trend line, graphical resistance area and fibonacci confluence where we could see a further drop here.
Price is approaching resistance where we could see a drop below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Price is approaching support where we could see a bounce above this level to our first resistance target. Stochastic is approaching support as well where we could see a bounce above this level.
Price is sitting on a key support level and a break above the trend line could provide the bullish confirmation, currently I am keeping a close watch on how prices play out and would not consider any long positions before the break of the descending trend line
