Today continues the consolidation of a weak and uncertain LTC. I have identified a bear flag on the charts in orange, and we can also see the 50 EMA (in blue) teetering along the top of the flag. This indicates a continued resistance that will likely prevent any strong upward movement outside of the flag. The low volume suggests more vulnerability for the market, which could translate into more selling pressure from the bears. I anticipate a test of the double bottom bounce zone within the next 48 hours. The 105-107 area may provide a minor bounce, but it won’t last forever as the bears continue to feast on the bulls.
Thank you for checking out my idea!
-The Don-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Thank you for checking out my idea!
-The Don-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***