FINGBS- weakness signs all over the chart
Updated
FINGBS has been in range trading for almost 6 month after the runaway gap in 2016. Lots of technical patterns: runaway gap, common gap, descending channel, rectangle channel, bearish pennant. The macro trend is bearish and so far no signs of recovery. The small corrections are insignificant to mention at this point.
The technical pattern I am looking for, if breaking to the down side of the trading range, is breakout gap.
The technical pattern I am looking for, if breaking to the down side of the trading range, is breakout gap.
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Brief update: The long-awaited breakaway gap to the downside took place as expected. Unfortunately no volume lately and it is trading below all moving averages . It might attempt to fill the gap at 25.75 but it will not give a boost to the long term direction.
One more push and it`s going under 20 and the gap at 15-16 might get filled.
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Last update for 2017: adjusting the long term target to the interval 9-10 sek where the is a strong support level.
Short term: bullish divergence, no confirmation yet and expecting a test of the breakdowns levels and probably filling a gap or two.
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