RARE chart shows strong short term momentum in what could be a reversal of the existing downtrend. Althought price actions suggests a possible long, volume (oscillator) is weak suggesting a strong possibility upside could be capped. As such no trades will be considered here. Now I should note that volume can sometimes be misleading and it is plausible that chart continues to make new highs without ever looking back. This is particularly true for tech stocks. However out of prudence we use volume as a trade filter and do not take the trade here.
Note
The move has broken down and reversed to the downside
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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.