Firstly RSI is more of a channel indicator, however as per my chart double top yet a higher price (bearish divergence). This would indicate to me the rally lacks strength for starters.
Bearish inside day, yes you are correct needs confirmation. My thoughts are, tommorrow being friday will have traders taking profits before the weekend, therefore a weak day. This will provide the ideal enviroment for a poor day and most likely a down day, thus will probably see confirmation of the bear day tommorrow.
Next the rally has been too quick and too fast and lacking any real substance fundamentally (you may challenge this and understand).
.027 is the 62% retracement, which is shown on the chart attached by the horizontal red lines. .028 was chosen as just above, .025 chosen to allow for a little overshoot.
May see some support kick in at .033, 50% retracement, this area is also the top of the big candle where the rally commenced.
Of course this analysis could all be wrong and traders may take the next leg up to .10, however i consider my theory as the most likely.
If I am correct it would depend on how it falls and volume kicking in at oversold levels to create a buy signal.
SSS Price at posting:
5.1¢ Sentiment: ST Sell Disclosure: Not Held
