$ROST Short the bounce into resistance of a downtrending channel
Key points;
1) ROST should no longer be considered uptrending after breaking its primary trend support.
2) A new downtrending channel has emerged after the break of its primary uptrending support line.
3) Price has already rejected the upper bollinger band and has continued to validate the downtrending resistance line of the downtrending channel
4) MACD has begun contracting which indicates that the bullish move upward may have begun losing steam
5) Volume is low and almost half the 20 day average and therefore it is reasonable to fade this up leg
As always DYOR
1) ROST should no longer be considered uptrending after breaking its primary trend support.
2) A new downtrending channel has emerged after the break of its primary uptrending support line.
3) Price has already rejected the upper bollinger band and has continued to validate the downtrending resistance line of the downtrending channel
4) MACD has begun contracting which indicates that the bullish move upward may have begun losing steam
5) Volume is low and almost half the 20 day average and therefore it is reasonable to fade this up leg
As always DYOR