Technically, a long entry is unattractive at current levels (221c).
- Currently, the monthly candle is in line with the May 2007 candle (around swing highs/resistance) and has developed a similar structure (long upper tail) suggesting selling pressure starting to emerge.
- The 7-month RSI is at it's highest level EVER, with a print of 91. This is an extreme reading. In prior years, RSI prints in this range (+80) have coincided with medium term peaks.
- Note: The share may hover around these levels or slightly higher, thus I am NOT saying the current level is the exact medium term top.
- Note: This isn't a fundamental call on the growth prospects of the business, which appears strong according to their results/market updates.
For more real-time insights and trade ideas, including longer term perspectives, get in touch today.
- Currently, the monthly candle is in line with the May 2007 candle (around swing highs/resistance) and has developed a similar structure (long upper tail) suggesting selling pressure starting to emerge.
- The 7-month RSI is at it's highest level EVER, with a print of 91. This is an extreme reading. In prior years, RSI prints in this range (+80) have coincided with medium term peaks.
- Note: The share may hover around these levels or slightly higher, thus I am NOT saying the current level is the exact medium term top.
- Note: This isn't a fundamental call on the growth prospects of the business, which appears strong according to their results/market updates.
For more real-time insights and trade ideas, including longer term perspectives, get in touch today.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.