AIR CANADA RSI APRIL 1ST WEEK ENDING PREDICTION
Updated
Looking to see if the RSI has any merit in telling us if AC.TO will fall based on current investor sentiment and the decision to put over 16k of workers on furlough or if it's just "follow the fancy lines" times and wait until it goes below the 20th percentile before we place a trade.
Comment
So far it's looking like what I thought was going to happen.... Trump releases a statement or tweets something optimistic regarding "flattening of the curve" and the market jumps on and takes it for a ride.
3 keys things need to take place for a sustainable return to normal in the markets other than an idiot's random speculation:
1. There has to be a clear sign that COVID-19 has flattened across the board.
2. Preventative measures need be in place to prevent a "Round 2" (ie. vaccine)
2. People and the economy have to produce real numbers to reflect that businesses are operational and returning to normal and workers are in fact back to work
Without these we will see fluctuations like this in the market and thousands of traders will most likely default to technical analysis as we've seen with the Fibonacci.
Just my thoughts, I encourage feedback with others opinions as well. Thanks.
Disclaimer
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.