Nov. 8 at 11:09 PM
$CCCC the bears are trying to work it but they seem to lack conviction
Charts: simple line
#1: daily
- black horizontal line:
$2.20
- in the 2nd should of the outlined heads and shoulder (H&S) formation, you can see the essence of a small H&S that is forming (~70%) from about mid-October into November. The intended/transient target: the lower red horizontal line (the neckline of the outlined H&S)
- in the past, bears have been able to cut through the ascending slope (blue intermittent line). However, the “
$2.20-
$2.22 zone” was not there before + (currently the SMA 200 @
$2.18)
#2: weekly
- it should be noted that the bears did cut through the EMA (20) @
$2.38 (not shown here)
- this chart shows an apparent lack of conviction (volume)
- taking the previous 2 comments together, now is when bears have to push through the volume:
H&S top completed + at the neckline + a (small) breach of the SMA (20)
- at worse: They touch the horizontal red
Line on the daily (IF)
An opinion.
