Jun. 24 at 1:51 PM
$CNQ
The bearish breakdown from the symmetrical triangle is now starting to play out, and sellers have maintained control since that loss of support.
Yesterday’s doji right above the 200 EMA showed hesitation, not strength. Now with premarket action pointing toward a possible gap below the 200 EMA, that indecision is turning into pressure.
That triangle break likely trapped late breakout buyers, and failed defense at the 200 EMA would confirm momentum has shifted firmly to the downside.
Key level today: 200 EMA.
If bulls cannot reclaim it quickly on any gap down, sellers stay in control and continuation lower becomes the higher probability path.
