Looking at the weekly chart I am seeing lots of reasons to short in the very near future. We are currently in a rising wedge on the chart and in the accumulation/distribution indicator (already broke support and retesting), bearish divergence, cross over on MACD, overbought on RSI and MFI, plus lots of money/stop losses to hit in the $3-$6 range. However it looks like we are in a reaccumulation phase on the weekly chart, so we should make a strong move back up once lower levels of support are reached.
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.
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.