Being in one of the industries being hit the hardest by this outbreak, I believe further downside movement is due after our triple top @18.5$, our rejection of the 100 MA coupled with the bearish divergence on the MACD may point us towards a retest of our local support range marked by the green box or even possibly creating new lower lows.
We can also notice a possible head & shoulders formation developing on the chart, which in my opinion will playing out due to the gap in price possibly creating further downside pressure. To be safe I would trade at the breakout of the neckline.
I expect the overall market to drop as we can see a bearish divergence on the S&P, which I had pointed out on my last
AIG trade setup.
I would keep a tight stop at either the top of the shoulder @17.3 and TP would be the range indicated by the green box. Cheers and good luck.
Feel free to share your thoughts!
We can also notice a possible head & shoulders formation developing on the chart, which in my opinion will playing out due to the gap in price possibly creating further downside pressure. To be safe I would trade at the breakout of the neckline.
I expect the overall market to drop as we can see a bearish divergence on the S&P, which I had pointed out on my last
AIG trade setup. I would keep a tight stop at either the top of the shoulder @17.3 and TP would be the range indicated by the green box. Cheers and good luck.
Feel free to share your thoughts!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.