We officially broke through the 50 day EMA yesterday, and we can expect a minor bounce back up to it today. This also marked the exit of our months long channel. Keep your eye on that $380 mark over the coming trading days.
Yesterday also completed a three black crows candle pattern, foreshadowing more downside. This seems to be a much more aggressive dip with the most volume we have seen in a long time.
The MACD is about to cross the 0 mark to the downside after a long time of a fairly silent histogram. The weekly MACD also crossed at historically high levels.
Expect bounces at the major MA's, as we are experiencing one this morning. We came extremely close to the 100 Day EMA yesterday, and the result was this bounce back to the 50. Nothing out of the ordinary, but as we progress, more selling will only exacerbate the fear in the market. More downside seems likely. Only time will tell.
Yesterday also completed a three black crows candle pattern, foreshadowing more downside. This seems to be a much more aggressive dip with the most volume we have seen in a long time.
The MACD is about to cross the 0 mark to the downside after a long time of a fairly silent histogram. The weekly MACD also crossed at historically high levels.
Expect bounces at the major MA's, as we are experiencing one this morning. We came extremely close to the 100 Day EMA yesterday, and the result was this bounce back to the 50. Nothing out of the ordinary, but as we progress, more selling will only exacerbate the fear in the market. More downside seems likely. Only time will tell.