Been saying this looks bearish since it was in the mid 80's, and after staying on the sidelines during the drop, i was eyeing that 60p area as well, as a decent entry here.....
But i have changed my mind now.....and i will try to show you why.
first the daily.
its in this trend channel, and approaching the support trendline.....but will it hold?
Look at that rsi support trendline!
Its about to get busted.......right? also note how all three ema lines are pointing south.....
Next the weekly...
Again note the rsi.....bang on support....
If that rsi fails, it could well be a sign that 60p will not hold.....i certainly would only buy if the rsi holds.....no hold of trendline no trade...
If 60p fails, a pivot support level is at 50p.....if that gets taken out....
A weekly break of that rsi(if it happens) is suggestive of longer term weakness....
Finally the monthly.
You can see this halted at resistance at 100p.....and is that a bear flag on the monthly???
so in summary i'm no hurry to buy back here, let it play out, settle down, and then we take it from there...
This needs to hold 60p......and 50p is last stand, and vital here imvho.....because if that fails, i see at least a decent possibility of this going lower, a lot lower, possibly as low as the gap between 20 and 24p.....
On the flip side if 60p holds, and this rebounds above the 20 day ema line.....then it may be worth entering long....lets see.....
Atm, this has the potential at least of getting nasty...
Just my view here, and the best trade here atm, is no trade at all.....stay out and watch imvho...
atb, wdik, dyor,
trendfriend