Notice on the 10 day chart that prices have moved through key support of the upward trending line that started a few days ago.
On today's chart, notice that prices mved higher until about 10 AM and them moved lower for the rest of the day. Also notice that prices ended the day near their low point on a volume spike.
On the daily chart, notice that prices moved through the 10 day SMA but could not maintain their upward momentum today. That's bearish going forward.
3 comments:
Look out below!
EIX is heading to a new yearly low, it’ll be joining those other 500 companies a day, that are making new yearly lows.
I never understood the criteria that Bonddad uses to establish points for drawing trend lines. They seem to my untrained eye arbitrary. For example, does anyone know why he doesn’t draw a trend line from the 1/20 low to the 2/22 low. Such a line could be construed as a ‘support' - seems to me.
Tom
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