Bearish weekly technicals, ascending wedge break down
Key points
1) Confirmed break of ascending wedge beginning November 2014
2) Break of 50 week moving average
3) Lower highs and lower lower price structure
4) Large volume indicating distribution by large holders
5) RSI not oversold so short entry timing is reasonable
6) Note double lower bollinger band rejection could be viewed as bullish, but in the context of the price structure (weekly lower highs and lower lows) the bounce which has occurred should be viewed as having provided us a better short entry, rather than getting long.
1) Confirmed break of ascending wedge beginning November 2014
2) Break of 50 week moving average
3) Lower highs and lower lower price structure
4) Large volume indicating distribution by large holders
5) RSI not oversold so short entry timing is reasonable
6) Note double lower bollinger band rejection could be viewed as bullish, but in the context of the price structure (weekly lower highs and lower lows) the bounce which has occurred should be viewed as having provided us a better short entry, rather than getting long.