Based on long-term trendline, UXIN is in a downtrend
The most recent breakout above the trendline brought price action back to the reversion to the mean
May 3rd: In a consolidation pattern
May 6th: Wait for confirmation of up/down trend, follow price action [when confirmation of buyers step in]
If breakout to the upside occurs, entry will be [$2.80]
If breakdown to the upside occurs, entry will be [$2.26]
Economic News this week: Unemployment | GDP (positive)
UXIN News: Short-seller allegations | U.S. - China trade deal
Patterns: Trendline | Flag | Consolidation | Pennant
It looks like the price action is getting pinched currently. I expect it to consolidate & move downwards before it catches steam and finds buyers again.
The most recent breakout above the trendline brought price action back to the reversion to the mean
May 3rd: In a consolidation pattern
May 6th: Wait for confirmation of up/down trend, follow price action [when confirmation of buyers step in]
If breakout to the upside occurs, entry will be [$2.80]
If breakdown to the upside occurs, entry will be [$2.26]
Economic News this week: Unemployment | GDP (positive)
UXIN News: Short-seller allegations | U.S. - China trade deal
Patterns: Trendline | Flag | Consolidation | Pennant
It looks like the price action is getting pinched currently. I expect it to consolidate & move downwards before it catches steam and finds buyers again.
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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.