Review
Since the end of January of this year, a downward trend formed in the stock which, as things progressed, was confirmed over and over again. In addition, the much-observed SMA 200 was exited downwards. Currently, the value is far into the correction of the last downward movement, and it is worth keeping an eye out for short signals.
Outlook
The correction of the downward trend that is visible in the daily chart can be recognized as an upward trend in the subordinate trend size in the hourly chart. In order to find a short entry into this stock, one should first wait for a trend reversal in hourly chart. Here, an entry would be possible at a new low (P2) or subsequently from out of the correction after a new low, with a stop loss above the P3 that would have formed by then. The marker around 38.70 USD serves as a target area (green zone).
If the price clearly and sustainably rises above the area of 46 USD (red line), the short scenario should be abandoned.
Since the end of January of this year, a downward trend formed in the stock which, as things progressed, was confirmed over and over again. In addition, the much-observed SMA 200 was exited downwards. Currently, the value is far into the correction of the last downward movement, and it is worth keeping an eye out for short signals.
Outlook
The correction of the downward trend that is visible in the daily chart can be recognized as an upward trend in the subordinate trend size in the hourly chart. In order to find a short entry into this stock, one should first wait for a trend reversal in hourly chart. Here, an entry would be possible at a new low (P2) or subsequently from out of the correction after a new low, with a stop loss above the P3 that would have formed by then. The marker around 38.70 USD serves as a target area (green zone).
If the price clearly and sustainably rises above the area of 46 USD (red line), the short scenario should be abandoned.
