Failed reverse head and shoulders and a double top. The stock also likes to do 3 wave retracements with wave 2 being a consolidation pattern, usually double top. Wave 3 is about the same length as wave 1. It has done this pattern on the smaller scale twice before. Selloff, double top in consolidation, selloff. RSI is weakening and also showing a bearish divergence. I think $12.3 will be a good point to pick this stock up, but for now I am bearish for ER and bearish for the stock.
In summary, we have
-Decreasing RSI
-Failed reverse H&S
-Double top
-3 wave corrective pattern with 2nd wave being consolidation
-Sector dragging it down
In summary, we have
-Decreasing RSI
-Failed reverse H&S
-Double top
-3 wave corrective pattern with 2nd wave being consolidation
-Sector dragging it down
Nota
Pags short played out!
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.