Descending Channel for TNY?!?!
TNY appears to be trading in a descending channel on a micro-level.
Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form within longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices, but only after an upside penetration of the upper trend line.
On the KST there has been a bullish cross where I've placed the green downward pointing finger.
On the RSI the downward sloping resistance of a descending triangle pattern is being negated, very bullish and it's possible the price will breach the blue downward sloping resistance of the descending channel to the upside if Tinley can release some note-worthy news next week, don't hold your breath.
A breakout to the upside means there's a shift from bearish sentiment to bullish. It’s recommended that buying into this break should occur after multiple tests of the upper channel line. The reason being breakouts early on in the channel often lead to traps as shorts push the price of the stock back down to the lower end of the channel.
Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form within longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices, but only after an upside penetration of the upper trend line.
On the KST there has been a bullish cross where I've placed the green downward pointing finger.
On the RSI the downward sloping resistance of a descending triangle pattern is being negated, very bullish and it's possible the price will breach the blue downward sloping resistance of the descending channel to the upside if Tinley can release some note-worthy news next week, don't hold your breath.
A breakout to the upside means there's a shift from bearish sentiment to bullish. It’s recommended that buying into this break should occur after multiple tests of the upper channel line. The reason being breakouts early on in the channel often lead to traps as shorts push the price of the stock back down to the lower end of the channel.
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