Just for something different. Ichimoku -- 1 week...

Just for something different. Ichimoku -- 1 week chart.



Interesting to look back and see support coming in right at the bottom of the Kumo cloud on two occasions (2017 - 2019).

Dec '20 - while the market attempted to hold on to support below Kumo, the decisive break of the Nov '19 low crippled the share price.

As for where we're at now - price likes to revert back to the mean (Kijun Sen - the bold blue line). The Kijun is also flat, which can often act as a magnet to price. However, further breakdown from here would see the Kijun resume it's downward momentum.

Volume is also dropping off, with some accumulation spikes noted in mid '21.

The Kumo cloud overhead is foreboding, although it is levelling off and thinning out somewhat.

If one assumes prolonged sideways drift over the next few months, then the $8 handle would be crucial in signaling a new trend with a break above the Kumo cloud. Any further breakdown from these critical support structures could see us visiting the $3 - $5 price range. Looking at price action since hitting bottom, you can see a descending triangle pattern (if going from the candle bodies). A descending triangle after a substantial downtrend would favor continuation of the prior trend. A close above the Kijun at current price would invalidate the triangle idea, though.

Anyway just some random rambling observations ...