Price action clearly depicts the strong bearish view for short term.
Prior to the failed breakout price action was quite bullish but after the breakout failed the stock has continuously made LH & LL which is a classical bearish price action. RSI confirms the strength of bears and weakness of bulls. Once the RSI falls below 40, one can expect a sharp fall with momentum.
Let's wait for some more price action as it could retrace. Trade with caution.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!
Prior to the failed breakout price action was quite bullish but after the breakout failed the stock has continuously made LH & LL which is a classical bearish price action. RSI confirms the strength of bears and weakness of bulls. Once the RSI falls below 40, one can expect a sharp fall with momentum.
Let's wait for some more price action as it could retrace. Trade with caution.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!