$TPX Bearish weekly technicals with support at $53.49 and $49.11
Key points;
1) False break. Price shot through resistance (old highs) then reversed back underneath it.
2) ADX is too weak to suggest a strong weekly trend
3) Lower lows and lower close compared to last week
4) Weekly uptrend level has already been broken, and thus has transitioned into a sideways / range bound pattern. Thus selling high levels / buying low levels is appropriate.
5) MACD-Signal difference has contracted week on week
6) RSI is not oversold so timing is reasonable
As always DYOR
1) False break. Price shot through resistance (old highs) then reversed back underneath it.
2) ADX is too weak to suggest a strong weekly trend
3) Lower lows and lower close compared to last week
4) Weekly uptrend level has already been broken, and thus has transitioned into a sideways / range bound pattern. Thus selling high levels / buying low levels is appropriate.
5) MACD-Signal difference has contracted week on week
6) RSI is not oversold so timing is reasonable
As always DYOR
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