All major observations on chart.
stock consolidating since May 21, Now the price is moving down slowing with high volumes failing to make new highs. Price consistently below 20 SMA during the increased volume movement. This shows a strong supply coming, particularly from may 22 onwards there is rise in volumes. 2 high volume up-moves of 5%+ as marked lacked follow through, shows the sellers are dominant or price is just pumped to offload positions.
Stock will be sell on rise mode. Can see a sharp fall in coming days.
Similar idea Posted on PEL check link below
stock consolidating since May 21, Now the price is moving down slowing with high volumes failing to make new highs. Price consistently below 20 SMA during the increased volume movement. This shows a strong supply coming, particularly from may 22 onwards there is rise in volumes. 2 high volume up-moves of 5%+ as marked lacked follow through, shows the sellers are dominant or price is just pumped to offload positions.
Stock will be sell on rise mode. Can see a sharp fall in coming days.
Similar idea Posted on PEL check link below
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3 weeks up-move negated 50% by a single bar. still expecting a big crack here. Would even sell my long term investments here.
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Just a natural reaction to the down trend. failing to go up after many green bars.
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Got this totally wrong!
