Bullish Confluence: Possible upwards move in the short term
The following elements support a short-term upwards move to 288:
I expect any upward movement will be brief and will quickly be overcome due to:
1. Poor fundamentals, falling sales in major outlets across the board including China.
2. Poor brand image due to the CEO’s most recent actions.
- Market structure: Falling wedge, price hitting the lower line.
- Price Action: Price hitting a relatively strong support level at 361.
- Oscillator 1: Stochastic RSI is in the oversold zone. But it is still pointing downwards so there maybe still be some way to move downwards.
- Oscillator 2: DMI shows a weakening of the bearish line and a pickup of the bullish line.
I expect any upward movement will be brief and will quickly be overcome due to:
1. Poor fundamentals, falling sales in major outlets across the board including China.
2. Poor brand image due to the CEO’s most recent actions.
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