300324 Short Term Chart 04/10/2019 Bearish PatternLook at the daily chart, I originally thought 300324 will be rejected at a strong resistance level at around 8.6 when it had a strong bounce off from the low of 5.12. However bulls surprised me and pushed it up to 9.5 price range, and then hard rejected it back to 8.6, by forming a tweezer top pattern. Then 8.6 becomes a crucial price level that the price was actually bounced in a small range within the past couple of days. Bulls and bears are fighting to each other in order to form a more clear movement trend. Then bearish pattern formed when the price went to a lower high at 9.18.
One indicator is that volume is slowly declining, and the current price is bouncing between 12 and 26 exponential moving average, as showing green and red line in the chart. Fib also gives as a reference for the possible future downtrend movement if prices finally breaks down from 26 EMA. Fib 0.618 will become the first support, as the price bounced up couple of time at the previous timeframe. Then Fib 0.236 is another strong support line that price possible will have another strong bounce up.
Pattern will confirm once price breaks down 26 EMA, or Weekly closes at around 8.22 price range, by formed a weekly tweezer top. Keep an eye on the price movement in the following two days, and hope you will have a nice trade.
This is not financial advise for buy or sell. It is only for education purposes.
