MAXR- Break of downward daily trendMAXR has been in a daily downward trend since Nov 15, 2018 and stayed in the channel between the horizontal purple lines. With the loss of WorldView-4 Satellite on Jan 7 the market reacted negatively and shorts took full advantage causing the break of the lower horizontal line in the channel. This trend line has now formed resistance on the descending wedge (See descending horizontal yellow line of wedge). MAXR in the short term looks to break through the wedge around $7.50/$8.00 (Marked as 1) and then to look to break the downward trend since Nov around $11/$11.50 (Marked as 2). A confirmation of the downward trend break would then require a daily higher low, higher high.
Additional
-Looking for a break of the RSI channel which is currently oversold at 23.
- MACD convergence, still below zero.
MAXR- continuation of daily downward trend
TSX:MAXR
MAXR
MAXR- continuation of daily downward trendMAXR has been in a daily downward trend since Nov 15, 2018 and stayed in the channel between the horizontal purple lines. With the loss of WorldView-4 Satellite on Jan 7 the market reacted negatively and shorts took full advantage causing the break of the lower horizontal line in the channel. This trend line has now formed resistance on the descending wedge (See descending horizontal yellow line of wedge). MAXR in the short term looks to break through the wedge around $7.50/$8.00 (Marked as 1) and then to look to break the downward trend since Nov around $11/$11.50 (Marked as 2). A confirmation of the downward trend break would then require a daily higher low, higher high.
Additional
-Looking for a break of the RSI channel which is currently oversold at 23.
- MACD convergence, still below zero.
Maxar Technologies ReboundFound support at the 23.6% retracement. Very over sold on the RSI and turning around in the RSI and the Stochastics. 1 week heikin ashi is indicating reversal.
Fell through previous support, which is the first sell target. This matches up with the 38.2% retrace, around $50 - $51. If it breaks this resistance we have two more targets. The first is the previous support line, as well as the 50% retrace, about $60. It was also rejected at the 200 day MA, so it is important to watch this as a key point of resistance. If these two break, we are shooting for the 78.6% ($85) and the previous resistance ($90).
