first it broke the first support. why? because technically the chance was high (ascending triangle pattern). But now it is time to short. why? 6 reasons:
1- Rising wedge is clear in the picture and we are on top resistance trend line.
2- Although we broke the first support ( triangle pattern), it could not manage to break the main support. normally when we break the triangle pattern it is HARD with good volume. this time not much.
3- It is rejected by a huge long term resistance
4- You could clearly see the 3 waves in stochastic RSI so it is time to normalized
5- Stochastic RSI is oversold it self as well
6- Fundamentally week! they have recently fired their workers. also with this low price of oil and anyone want to shift to solar?!
Am I 100% sure? LOL no! there is no certainty in the world of trading, SPECIALLY IN THIS VOLATILE MARKET. just chances and statistics. CHANCE IS HIGHER FOR SHORT!
1- Rising wedge is clear in the picture and we are on top resistance trend line.
2- Although we broke the first support ( triangle pattern), it could not manage to break the main support. normally when we break the triangle pattern it is HARD with good volume. this time not much.
3- It is rejected by a huge long term resistance
4- You could clearly see the 3 waves in stochastic RSI so it is time to normalized
5- Stochastic RSI is oversold it self as well
6- Fundamentally week! they have recently fired their workers. also with this low price of oil and anyone want to shift to solar?!
Am I 100% sure? LOL no! there is no certainty in the world of trading, SPECIALLY IN THIS VOLATILE MARKET. just chances and statistics. CHANCE IS HIGHER FOR SHORT!