The up move that $CHMT has benefited from may reverse soon due to several reasons;
1) DMI- and DMI+ are converging on one another
2) ADX is dropping dramatically, almost through the key 40 level
3) MACD Is showing no resistance to this down move
4) Price action has been very bearish even despite earnings beat, indicating it may be overbought at these levels
A target of the first or 2nd fibs would be appropriate.
1) DMI- and DMI+ are converging on one another
2) ADX is dropping dramatically, almost through the key 40 level
3) MACD Is showing no resistance to this down move
4) Price action has been very bearish even despite earnings beat, indicating it may be overbought at these levels
A target of the first or 2nd fibs would be appropriate.