Simple bearish scenario if there are signs of weakness near the blue rectangle zone. All rectangles are potential support and resistance levels projected in time, so I will keep my visions open for any scenario including a comeback, despite the fact that the whole project has been developed in a highly bearish mood setup.
The main and initial test of the project would be this incoming blue rectangle zone where things could get interesting if the estimations are accurate or at least indicative of potential scenarios.
The first and last pink zones are of interest of me in the bearish setup regardless of the fact that the last one is so far that it doesn't even seem plausible from this angle. Taking this into consideration I might attempt to add on to the project as we go along further down the rabbit hole of time with incoming updates/comments and potential analysis/estimations.
The main and initial test of the project would be this incoming blue rectangle zone where things could get interesting if the estimations are accurate or at least indicative of potential scenarios.
The first and last pink zones are of interest of me in the bearish setup regardless of the fact that the last one is so far that it doesn't even seem plausible from this angle. Taking this into consideration I might attempt to add on to the project as we go along further down the rabbit hole of time with incoming updates/comments and potential analysis/estimations.
Note
I wouldn't jump to say that resistance has been met at the blue yet, but the plot thickens a little bit with this stop right under it. My preferred scenario is another attempt for a high met with resistance and bearish pressure, but will let the market dictate its tempo and tendencies. For any big bearish scenario a big drop in the span of a trading day is required to signal the potential waterfall. Flexibility dictates that if such a scenario does occur, all elements can provide or even a turnaround setup, so a cautious approach is advised.Note
Weakness confirmed, but not confident in a complete powerful bearish push below. Lower lows could come though.Note
Not quite at 58$ yet, but the overall concept of the big blue zone proved to be somewhat effective. Note
Looks to be doing a roundabout on the small pink rectangle. Could even go back to the blue, even though I wouldn't actually jump in for a long in this position.Note
Back at the blue but not sure this zone is still relevant, unless people start getting out of their holdings before earnings report. Next days could give further signs if there is still resistance here and bearish tones creep in.Note
Signs of weakness at the top edge of the blue but doesn't quite qualify for a potential reversal yet. Note
A curious case for city at the end of the blue zone. This stock could weaken even further, considering the mood, sentiment, and price action after the good earnings report.Note
Was waiting for the follow up candle for this one and seeing the green after the second stop at the lower edge of the blue zone looks like a potential sign of trouble for any bears out there. The recent pivot needs to be decisively broken on the downside for this to look bearish enough. For now the bulls are back in it, and this might be the last update for this project...Note
54$
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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.