Bearish Play

31 Mar 2023

Price is below the VWAP and crossing below the pre-market low. The 30m chart is hooking down, and price is a 1/4-point below the opening signal. The moving averages suggest price is bearish on the shorter timeframes of 5m, 15m, and 1H charts while about to cross below the 8-ema average on the Daily chart. If it breaks below the Low of the Day at 183.56 making a new Daily Low, and then continues to trickles below the Daily 8-ema it's a very good sign. This is a more aggressive play, so the plan is to get in early with a smaller than normal position size an build it if price moves in our favor, or cut it otherwise. Additionally, there is an inverted cup & handle pattern 15m chart and a possible Head & Shoulders pattern that is forming which would make more bearish.