On Wednesday, the price action pierced thru' the trendline with relatively average volume traded and closed within the immediate support zone. Until end of the week, the price closing level still remained below the trendline. Only support level is the final band of immediate support zone at $43.76.
It also broke through the final support level of S-Trader Trend Tracker (Weekly Chart) at $44.81 on Wednesday but on Friday market closing it recovered back to $44.97. As of now, the final Trend Tracker support still valid at $44.81. (As shown in the chart below).
Weekly chart.
Yet to see any strong rebound factor and the threat of further price decline still insight.
If relatively high or very high volume pierce through the final band of immediate support zone at $43.76 and the final Trend Tracker at $44.81, it signals potential bearish trend for the mid-term period.
Lately, there are lots of negative news.
Will this fuels further price decline in the coming week/s ?
Additional Info:
S-Trader Trend Tracker support levels (Daily chart)
Resistance1 = $49.51
Resistance2 = $47.62
S-Trader Trend Tracker support levels (Weekly chart)
Resistance = $52.90
Support = $44.81
Note : S-Trader indicators/tools is not part of Metastock software package. It is our proprietary system/tools. If you have any further inquiries, please feel free to Contact Us.
Source :
1) Metastock
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