First the weekly:
A Falling Three Method Candle pattern and the past week was rejected from a 2x momentum bar
Doing some Fib. Projections;
-Measuring A to B and projecting off of C to get a 50% projection.
-Measuring C to D and taking the 50% projection and
-Taking a 100% extension of C to D we get a confluence of resistance that was quite thoroughly tested. While eyeballing a support level $62 area was a fair resistance point previously:
On the Daily we have:
-A bear flag
-Strong volume on the sell-off
-3/10 macd signaling a first cross sell signal (4c criteria).
Below price we have the 200-day MA and a 50% midpoint from a 2x momentum day, right around the $62 level.
Adding some Fibonacci projections:
A-B-C 100% extension
C-D 50% projection
D-E 100% projection
All converge at the 200-MA & 2x momentum bar midpoint at the $62 level.
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