No not an expert by any means, but for short to medium term gains don't try to fight the trend. You'll never win.
Finished green today but still below the trend support line.
The bearish pennant is definitely there. The positive though is volume has been steadily reducing since 16 March (WTF happened that day?) and it's back to the 15 March level so it could be that the last few weeks has just been profit taking which has now exhausted.
The other thing stuck in my mind is that 16 March looks like such a WTF day that drawing the pennant through it from 16-17 February could be misleading. In which case the few weeks ahead would not be so bearish.
I think I'd want to see any return to the trend support line be accompanied by an increase in volume before jumping in. Disclosure- If I got in I'd be looking for gains in 2-3 weeks then out. No offence to the long termers.
Any explanations for 16 March?
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