The support line of the Channel Down has been broken.
Not a fantastic signal as a rule.
As I type this price is at 299.57.
The descending channel pattern is also known as a “falling channel” or “channel down“. A break out above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
As long as prices remains within the descending channel , the downward trend in price can be expected to continue.
The simple moving averages have negative crossovers on all 4 I used. The 20, 20, 100 and the 200 are all sloping down.
The short term moving averages in the Alligator, the 5,8 and 13, are also pointing to a downtrend.
No recommendation. I looks as if we have some more downside.
Rainy Monday in the market )o:
Not a fantastic signal as a rule.
As I type this price is at 299.57.
The descending channel pattern is also known as a “falling channel” or “channel down“. A break out above the upper trendline generates a strong buy signal, while a break down below the lower trendline generates a strong sell signal.
As long as prices remains within the descending channel , the downward trend in price can be expected to continue.
The simple moving averages have negative crossovers on all 4 I used. The 20, 20, 100 and the 200 are all sloping down.
The short term moving averages in the Alligator, the 5,8 and 13, are also pointing to a downtrend.
No recommendation. I looks as if we have some more downside.
Rainy Monday in the market )o:
Yorum:
I should have changed the color of the bottom trendline of the channel down from green to orange or red since price is below it.