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AndreM

399 Posts.

39

06/10/21

05:03

Post #: 56590061
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Originally posted by BabaRoga_space: ↑

Right. So, long term trend is still in tact.
But within long term trend there are other trends. All the way down to 1 min chart trend.
The trends don't always match. Let's say 30 min chart trend is trending up but within it 5 min chart trend is ticking down.
Those are the fluctuations in SP, if you don't day trade = not really important.
So trend really means when SP is making higher highs and higher lows and vice versa on candles. And every low and high becomes resistance and support within it's own trend.

So, right now with double top pattern: we have broken down through major support of bull run trend that took us from $1 to $2.50. Thus that strong support has become a strong resistance for SP. Thus making a lower low and breaking uptrend.
So expectation or odds if you will is: there will be downward pressure on SP until we can get back over that $2 resistance. Or make a higher high and higher low further down the line, on strong support/resistance points.
at that point there will be in new uptrend and downtrend selling pressure turns into upward buying pressure.

Hope that makes sense.
p.s. it's important to remember that trends don't last forever and downtrend doesn't mean SP will go to 0. SP always goes up and down (sometimes quite a lot) but if company has strong fundamentals, value creation, etc: over time the long term trend will follow company profits, success or failure.
At any given time: there is bunch of s#!% companies going up or good companies going down on sentiment, short term news, wider market fears or FOMO, etc.

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Yes it does.make sense and thanks for taking the time to explain

PLS Price at posting: $1.88 Sentiment: Hold Disclosure: Held
3 Upvote

0 Great analysis

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