TXN toppy
looking sloppy: The chart appears to be setting up for a potential move downward in the near future. Multiple confluent technical signals across different time frames suggest the recent upward move may have completed.
On the daily chart, key resistance levels have held and momentum indicators like RSI are showing bearish divergences. Zooming out to the weekly and monthly time frames, we can see similar signs of exhaustion, with important Fibonacci retracement levels and moving averages acting as dynamic resistance.
Additionally, projecting the prior measured moves and trading ranges onto the current price action implies a high probability target area for the anticipated decline. If key support levels are decisively broken to the downside, it would further confirm the bearish scenario.
On the daily chart, key resistance levels have held and momentum indicators like RSI are showing bearish divergences. Zooming out to the weekly and monthly time frames, we can see similar signs of exhaustion, with important Fibonacci retracement levels and moving averages acting as dynamic resistance.
Additionally, projecting the prior measured moves and trading ranges onto the current price action implies a high probability target area for the anticipated decline. If key support levels are decisively broken to the downside, it would further confirm the bearish scenario.
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