IMCR Short [Trend Reversal]
Market Phase & Period:
Uptrend. February 2022 - November 2022
Description:
The trend reached its highs in November 2022 but failed to continue in February 2023, making a double top pattern.
The selling pressure observed in February-March 2023 indicates weakness in the bullish momentum, with the price easily reaching $47.
April showed some positive movement for the bulls, where the price reached $62 and remained around that level.
There has been a decrease in volume since November 2022, indicating a reduced interest in the stock.
Action:
Considering a short trade with a target at $40 and a stop above the level. The RR ratio is not great, but decent.
Risks:
One risky aspect is the low volume on the day of the trade, but let's see how it plays out.
P.S. When I refer to the "price," I mean the area near the price. It's important to note that the price always needs some space to move.
Uptrend. February 2022 - November 2022
Description:
The trend reached its highs in November 2022 but failed to continue in February 2023, making a double top pattern.
The selling pressure observed in February-March 2023 indicates weakness in the bullish momentum, with the price easily reaching $47.
April showed some positive movement for the bulls, where the price reached $62 and remained around that level.
There has been a decrease in volume since November 2022, indicating a reduced interest in the stock.
Action:
Considering a short trade with a target at $40 and a stop above the level. The RR ratio is not great, but decent.
Risks:
One risky aspect is the low volume on the day of the trade, but let's see how it plays out.
P.S. When I refer to the "price," I mean the area near the price. It's important to note that the price always needs some space to move.
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