VERGE - Cup Formation. Short-term Bearish signals.
Updated
A cup formation is usually a bearish signal, however, we may see some slight selling off before another trend upwards as verge has been parabolic recently so it is not uncommon for a set of. When this is recovered from we can expect to see Verge breakthrough the resistance which is indicated by the orange line which will result in upwards movement two previous lies and maybe even above. it would be a good idea to accumulate on the support the buy zone is indicated by the purple rectangle.
As always trade the lines accordingly.
- MACD- lines look to be crossing over in the short perspective which is bearish.
- RSI - is slightly overbought which also signals an upcoming sell-off or bearish action.
As always trade the lines accordingly.
Note
Accumulation point has been hit. (Pruple Box)Note
Purple*Note
Support has been broken and the price has now returned to an old one. We will see some consolidation before another move upwards.
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