White line is equivalent to one-day simple moving average. It must go nowhere but down until price breaks above this line.
Stock has already accomplished a terrific breakout this year, and until today, it seemed that a follow-on breakout was underway. I was recently head-faked, but am looking forward to being a buyer in the lower range entered today. Barring a bear market, this stock should finish the year strong, especially since it also has excellent fundamentals and a reasonable valuation.
This is a chart of the triple-leveraged SHORT energy ETF. The indicator at the bottom shows the departure of price from SMA 50 (classic OB/OS detector), and short ETFs tend to make peaks and troughs easier to follow. Barring a mini-crash similar to that of 2011, the damage should soon stop. That said, another mini-crash or even full-on bear market would not be...