Following on my January 2013 Technical analysis for the share, the price is currently in a complete opposite position, testing areas near the other extreme of the regression lines, just near the bottom of 4-deviation regression channel, which is the opposite of January analysis, where the price was at the top of the 4-devation ascending regression channel.
Reaching the bottom of an ascending regression channel (4-deviation) is more of a warning signal rather than an oversold signal for me, as reaching such selling extreme in a bull market is indicative of a potential bearish reversal.
I am not suggesting a reversal yet, but i will be eying the very important area near $280, as outlined on chart. A break below that could be the real confirmation signal for a new bear market.
I will also be open and consider any bullish development at that key support, a major bullish candle or a bullish price formation may suggest a potential bounce..
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
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My best regards,
Technician
Reaching the bottom of an ascending regression channel (4-deviation) is more of a warning signal rather than an oversold signal for me, as reaching such selling extreme in a bull market is indicative of a potential bearish reversal.
I am not suggesting a reversal yet, but i will be eying the very important area near $280, as outlined on chart. A break below that could be the real confirmation signal for a new bear market.
I will also be open and consider any bullish development at that key support, a major bullish candle or a bullish price formation may suggest a potential bounce..
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
Google Plus : plus.google.com/+Thefxchannel0/posts
My best regards,
Technician
