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TAL: Continued bearish thesis, downward parallel channel

Singkat
TAL Education Group (NYSE:TAL)  
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NYSE:TAL   TAL Education Group
Chart Patterns Parallel Channel Support and Resistance TAL
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chartpattern parallelchannel supportandresistance tal
In August, TAL formed head and shoulders, which I thought should result in a breakout upwards. But that has failed.
In September, TAL dropped to fib 61.8 level, and support at 200EMA. At that time, the thesis has turned bearish.

TAL at Fibonacci 61.8 key support level but above 200EMA

As of today in October, short thesis has remained true.
  • As expected, TAL dropped further below $25
  • Inverse head and shoulders cause breakout downwards
  • Moving in a downward channel
  • Expect to continue movement downward within the channel, unless breakout of (1) 20EMA resistance level; and (2) upward boundary of resistance of downward channel.


snapshot
Komen:
An attempt to break out the downward channel.
snapshot
Dagangan ditutup: hentian tercapai:
Breakout from the channel resistance. Reversal trend.
Penafian

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