To bear or not to bear? Unable to break any major resistance...
Last TA i noted that we were touching the neckline of a down sloped neckline H&S pattern but we still needed more volume to break out otherwise it wasn't looking good.
Unfortunately we reversed the uptrend by ~8% right now... womp womp womp.
There is still plenty of fear in the market if we've hit bottom or not, which presents good buying opportunities when there is a significant drop.
I think we will most likely retest the bottom @3200, the recent failed break out is disconcerting and does not bode well.
I expected a down turn back to this level, but the fact that we didn't even touch the 4500 level is not a good sign.
High probability that we at least retest the bottom, if there is significant volume we might break lower.
Will update as we see more.
Good luck and stay safe.
Unfortunately we reversed the uptrend by ~8% right now... womp womp womp.
There is still plenty of fear in the market if we've hit bottom or not, which presents good buying opportunities when there is a significant drop.
I think we will most likely retest the bottom @3200, the recent failed break out is disconcerting and does not bode well.
I expected a down turn back to this level, but the fact that we didn't even touch the 4500 level is not a good sign.
High probability that we at least retest the bottom, if there is significant volume we might break lower.
Will update as we see more.
Good luck and stay safe.
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