Now I would call it short term over extended. I sold two lots of trading shares at 5.15 average but holding the core. Keep an eye on how the week closes. I could see 4.75 at least some point within 3 weeks. Still could run but the warning was sent to lighten up.
The one daily close below the doji ($5) was the first warning that $5 support isn't rock hard.
5.23 was a nice run, it is bouncing off the previous may runs bottom trendline but didn't seem to have the strength to bust it on 3 attempts the last few days (3 higher highs is also a signal) also, Kind of forming an inverted hammer on the weekly and the weekly signals are crossing overbought.
Remember 5.15 as support on the next big run and look to buy at 4.75, 4.66 and anywhere below that based on signals if a beartrend should form. Bottom should be 4.27 of a long downtrend if it happened.
From a monthly standpoint the fun is just beginning due to the macd cross, the 10/40 ema cross and the 2 year falling wedge bull breakout as well as the double top breakout on the point and figure chart. So long term holders are looking good for $6-$9 in the coming months.
it's funny to see your trading decisions turn on a dime like that. Literally. I mean if it closed $5.08 it would have "higher rsi". That really means something to you? a two cent difference on the close?
for the record: I have a short expectation of a pull back to high $4's as well, but my opinion wouldn't change one bit if it closed $5.08 or whatever.
The trend hasn't reversed so I still have all my shares, just lightened up on the overage on early signals. And probably lighten up more if we get another bounce.
Yes, a signal is a signal whether its a penny. But I used multiple signals like the doji, the bearish harami, the 4.96 close, the side drift on tapering volume, the weekly williams % r and stoch overbought (and daily overbought for many days in a row) Also on my app it shows its at the end of a wave cycle. So the rsi signal just piled on to those.
I think it still hits 5.30 but another 3% isn't worth a 10% downside risk if it happens in a flash and I see 5.60 after some technicals settle maybe over 5-10 days.. Tighten up the averages before the next bounce is typical.