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Breakdown below two swing point lows on daily time frame. Next...

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expectancy

408 Posts.

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25/06/17

09:05

Post #: 25474665
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Originally posted by expectancy ↑

Looks like this rally may be over - could continue sideways for a while. A drop below $2.02 could signal the start of a correction. If you are confident AAD won't correct, then wait for price to drop near $2.02 before buying. If you are less confident, then it might be wise to wait and see if the support at $2.02 holds.

Evidence:
1. Break below uptrend line last week.
2. False break above previous swing point high on high volume on 29/05/2017. High volume indicates a complete rejection of going higher.
3. Price has hit resistance at the top of its medium term downtrend channel
4. Price has hit resistance near the high ($2.17) of the big, large volume, down day which occurred on 23/02/2017
4. Bearish divergence in daily MACD & RSI

Daily Bar Chart
View attachment 600936

Downtrend Channel
View attachment 600939

Bearish MACD Divergence
View attachment 600942

Bearish RSI Divergence
View attachment 600945

Expand

Breakdown below two swing point lows on daily time frame.
Next possible support level 1.925 to 1.967.

Daily Bar Chart

AAD Price at posting: $1.99 Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

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