a. A decisive fight going on between bulls and bears. With formation of tri star doji formation on daily chart.
Bear Flag formed on weekly chart and extended.
In line to my expectation stock broke down. Retailers Haunted by FOMO entering at 120 levels preventing the sudden fall but could not prevent the correction of 9.77% over the period of last 4 weeks. Bearish short-term trend confirmed. Daily RSI below 50 and weekly RSI below 60 confirms the bearish trend. All rise in prices will be met with selling until 127 is breached.
Next buying opportunity can be opened up around 109-112 range.
Bear Flag formed on weekly chart and extended.
In line to my expectation stock broke down. Retailers Haunted by FOMO entering at 120 levels preventing the sudden fall but could not prevent the correction of 9.77% over the period of last 4 weeks. Bearish short-term trend confirmed. Daily RSI below 50 and weekly RSI below 60 confirms the bearish trend. All rise in prices will be met with selling until 127 is breached.
Next buying opportunity can be opened up around 109-112 range.