VAR1 bearish
Two quotes occured to me, if I checked this chart:
1. Jesse L. Livermore: One of the greatest mistakes inexperienced investors make is in buying cheap securities just because they are selling at a low price. - "Jesse Livermores Methodes of trading in stocks" Richard Wyckoff
2. Stan Weinstein: A very common mistake made by amateur technicians (and, suprisingly, even by some professionals who should know better) is to buy when a stock breaks out above its base even though it is still beloww its declining 30-week MA. This is not a stock that you want to purchase, since it is not yet ready to start a sustainable advance.
There is a psoitive divergene on the RSI, so I think the last volume based support zone is going to hold. Although the declining trend lasts about a year so a proper base building needs minimum 3 or 4 months!
1. Jesse L. Livermore: One of the greatest mistakes inexperienced investors make is in buying cheap securities just because they are selling at a low price. - "Jesse Livermores Methodes of trading in stocks" Richard Wyckoff
2. Stan Weinstein: A very common mistake made by amateur technicians (and, suprisingly, even by some professionals who should know better) is to buy when a stock breaks out above its base even though it is still beloww its declining 30-week MA. This is not a stock that you want to purchase, since it is not yet ready to start a sustainable advance.
There is a psoitive divergene on the RSI, so I think the last volume based support zone is going to hold. Although the declining trend lasts about a year so a proper base building needs minimum 3 or 4 months!
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