The first thing that we do when analyzing something is looking for patterns but since we are in a bearish trend there is a 50% change bullish patterns finish their target...
46.50 is a very strong resitance area or ( market overhang in the institutional level )
The true is that they are in a hurry to sell because things are going to get worst and now that we know this lets just be carefull and dont get too bull with oil.
Market Overhang:
An observational theory stating that in certain stocks at certain times, there is a buildup of selling pressure. This occurs as a combined result of sales and a strong wish to sell among those who still hold the stock but fear that selling it may cause further declines. Depending on the overall liquidity in the stock, a market overhang can last for weeks, months or longer. Market overhang usually relates to trading in one security but can also apply to larger areas of the market, such as an entire sector.
46.50 is a very strong resitance area or ( market overhang in the institutional level )
The true is that they are in a hurry to sell because things are going to get worst and now that we know this lets just be carefull and dont get too bull with oil.
Market Overhang:
An observational theory stating that in certain stocks at certain times, there is a buildup of selling pressure. This occurs as a combined result of sales and a strong wish to sell among those who still hold the stock but fear that selling it may cause further declines. Depending on the overall liquidity in the stock, a market overhang can last for weeks, months or longer. Market overhang usually relates to trading in one security but can also apply to larger areas of the market, such as an entire sector.