LPX to fall 9% over next week
Aside from the expected strong Q4 earnings, due to the hurricaines, we should see LPX fall 9% to 25.11.
This current rally isn't doing well, showing a small 3-day consolidation, ATR oscillator confirms a weakening in range after a strong move (range strengthened) down. RSI found support at around 51, this is rather bullish, however price action gives too many indications of weakness on this rally.
We could be on an "a" correction wave and have just completed a 5-wave cycle. Note that on 7/18, there was a longer than usual correction, lasting more than a month and pushed the RSI below 50, bearish. Corrections have become smaller and smaller, this is unhealthy price action for a trend. More and more people are holding, there's no healthy selling. If there is no selling, the price can't move higher.
Also setting up for a correction on its monthly chart, as well
Take a look at this daily Renko chart for S/R and the trendline
This current rally isn't doing well, showing a small 3-day consolidation, ATR oscillator confirms a weakening in range after a strong move (range strengthened) down. RSI found support at around 51, this is rather bullish, however price action gives too many indications of weakness on this rally.
We could be on an "a" correction wave and have just completed a 5-wave cycle. Note that on 7/18, there was a longer than usual correction, lasting more than a month and pushed the RSI below 50, bearish. Corrections have become smaller and smaller, this is unhealthy price action for a trend. More and more people are holding, there's no healthy selling. If there is no selling, the price can't move higher.
Also setting up for a correction on its monthly chart, as well
Take a look at this daily Renko chart for S/R and the trendline
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