SAPPI - Observation
The stock seems to have formed a short-term top (hourly double top).
RSI reached overbought territory and unless bulls can close back above R47.50, a pullback to the rising 20ema is likely.
A Double Top is a bearish pattern that forms after an asset reaches a high price twice with a decline between the two highs. It’s confirmed once the asset’s price falls below a support level equal to the low between the two highs. The pattern includes a prior trend, first peak, valley, and second peak. The second top usually occurs with low volume and will be slightly below the first peak. This pattern signals a medium or long-term trend change in an asset class.
RSI reached overbought territory and unless bulls can close back above R47.50, a pullback to the rising 20ema is likely.
A Double Top is a bearish pattern that forms after an asset reaches a high price twice with a decline between the two highs. It’s confirmed once the asset’s price falls below a support level equal to the low between the two highs. The pattern includes a prior trend, first peak, valley, and second peak. The second top usually occurs with low volume and will be slightly below the first peak. This pattern signals a medium or long-term trend change in an asset class.
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