Bears aiming for $16 for gap fill?
Signs:
I'm hoping for a reversal above the 200SMA and be bullish, but this seems likely the play for bears. Would need a break above $42 out of the channel for me to remain bullish.
- Below 200 SMA on daily
- Symmetrical triangle broke down to a descending triangle
- RSI on daily still has some room to fall (basically in oversold territory though)
- TSV still pointing towards selling pressure /distribution
- If we convert the formation to a descending channel, it shows a target of the gap @ ~$16.
- We also fell through the middle of the channel (although this doesn't imply much)
- $16 is also the next support level if we can't stay above $30
I'm hoping for a reversal above the 200SMA and be bullish, but this seems likely the play for bears. Would need a break above $42 out of the channel for me to remain bullish.
Note
Price couldn't stay above the 200SMA. Currently at $22. Prediction of direction was correct. Waiting for confirmation of the PT for the bears.Trade closed: target reached
In PRZ. Target reached of $16.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.