View attachment 577734
My view of the weekly. Last Week a reversal bar, not the biggest but relevant on the key support. RSI which I occasionally refer only as some confirmation was OS. Around 35 is strong resistance. If that breaks then a good break of the cycle of lower peaks. Until such time the bearish momentum continues.
From a MA perspective, I am just using the Weinstein stock standard 30wk SMA and I don't like that MA pointing down. I am just going by his wisdom; once price on this TF breaks that bullish SMA in Oct 16 it quickly snapped back up so that was a good sign. It broke again in Nov16 and kept going lower. Weinstein says that from here on the holder should be alert for a trend change. Feb17, the pullback hit resistance as well as below that SMA. Currently double bottom with a reversal is the setup for a swing trade potentially with a test of 35 from charts. Reality will be what the market do.
I am not trading stocks so when I hold for longer term, a combination of TA/FA is my method. This would be a good candidate as any for a trader looking for TA setup IMO. Hope it moves back up to the peak.
