MACD lines are crossed, the histogram also shows a positive trend.
RSI turned around and broke the downtrend line.
Local swing high is about $48.6.
If the price turns around, then maybe it will be the formation of the Head&Shoulders.
What do you think about my research, sir?
as for RSI my believe is: -- note: i also check these oscillators before placing my orders but i dont trust them for a decision.
- also my believe is that the red line on the chart is more like a moving average that happens to be straight, but not a trend line. for chartists a trend line has certain attributes (by virtue of which it is considered as such) and by sticking to theses attributes the line gives them the expected outcome and reward.
-- dont ask me about theses attributes now .. because am still researching and reading about it.
- you know - my friend- because it is "money", many people jumped into the field of technical analysis and they brought their misunderstanding with them to the subject. they have no scientific interest in the subject , they are only interested in money ..that's why they can not learn it "not interested!"..that's why many people may place lots of trades but have no stomach to read couple of pages.
- am just here trying to encourage myself , you and others to always keep learning and always have critical approach to what u learn.
- look at this moto: "the trend is your friend" ... it is a myth ... because we know that almost 90% of the time the market is in a consolidation-state .. not in a trending-state. they should teach people facts not myths so they are better equipped to deal with reality.
anyhow let me continue .. am currently watching this man talking technical analysis: i like it when he said that an attribute of a triangle is 1- alternation .. and when i looked up at different chart -here- , i found that the triangles people draw failed because they didn't satisfy that "alternation requirement. am actually trying to see if that is a mandatory requirement of even other shapes (patterns) like "channels"