It turned higher yesterday after hitting the trend line on Tuesday. We also see that the RSI and the stochastic indicators were in or near oversold territory before turning higher yesterday.
It appears to have just hit the upper end of its trend line and looks likely to make its next move lower in the coming weeks.
Its stochastic indicators hit oversold territory recently, but made a bullish crossover last night. Similar patterns in June, September, and October preceded nice rallies in the stock.
In a two year downtrend, the weekly stochastic indicators made a bearish crossover this past week.
It just hit the lower rail of its trend channel and looks as though it’s primed for another leg higher.
It could rally 20% like it did the previous two times it hit the lower rail of its trend channel to reach the targeted return.
The underlying fund’s stochastic indicators are near oversold, but just reversed and made a bullish crossover. The last few times this happened turned out to be pretty good bullish signals.
The trend reversal patterns are set up for it to move lower for the next few weeks.
The underlying stock’s daily stochastic indicators are in oversold territory and made a bullish crossover on Friday. The last few instances where this has happened have been pretty solid bullish signals.
At the lower rail of a seven month trend channel, the underlying stock is oversold and made a bullish crossover last night. The last three times this happened, the stock rallied sharply.