REP in descending Triangle??? To $7
Hello REP Traders!
I am new to REP but I wanted to check out the current state of the market and see what might be happening within the next couple of weeks. Just a simple analysis on the day chart, it looks like we are in a descending triangle. The recent price action I think supports this with a move downward. Possibly falling to the bottom of the triangle at $7.06. The RSI also supports this formation. I show a downward motion at the point of the triangle because of the fact that a descending triangle is predominately a bearish formation. Because of the length of time left before we will know for sure I am neutral.
Tell me what you guys think! Trade safe and please do not trade based on this.
Thanks,
- Max K.
I am new to REP but I wanted to check out the current state of the market and see what might be happening within the next couple of weeks. Just a simple analysis on the day chart, it looks like we are in a descending triangle. The recent price action I think supports this with a move downward. Possibly falling to the bottom of the triangle at $7.06. The RSI also supports this formation. I show a downward motion at the point of the triangle because of the fact that a descending triangle is predominately a bearish formation. Because of the length of time left before we will know for sure I am neutral.
Tell me what you guys think! Trade safe and please do not trade based on this.
Thanks,
- Max K.
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