CCI is it ready for continuation in drop?
CCI has experienced a significant drop but has managed to recover slightly. However, the recovery is not strong, and it appears to be forming a bear pullback/bear flag pattern. This pattern suggests that the upward movement is likely to be a temporary correction within the larger bearish trend.
A potential short position can be activated if the price breaks below the blue dotted line, indicating a continuation of the bearish trend. Traders may consider entering the short position just below the blue dotted line and the 20-day moving average (MA). To manage risk, a stop loss can be placed a few cents above the most recent high.
The relative strength index (RSI) has recovered to the middle level, but the moving average convergence divergence (MACD) is still below the zero line, indicating a bearish signal.
A potential short position can be activated if the price breaks below the blue dotted line, indicating a continuation of the bearish trend. Traders may consider entering the short position just below the blue dotted line and the 20-day moving average (MA). To manage risk, a stop loss can be placed a few cents above the most recent high.
The relative strength index (RSI) has recovered to the middle level, but the moving average convergence divergence (MACD) is still below the zero line, indicating a bearish signal.
Consistency is the key of success....
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