Thursday, February 02, 2017 8:51:32 AM
So far, there are no signs of a bottoming pattern, let alone a first upward thrust. Bottoms are characterized by price/momentum divergences (new lows in price not accompanied by new lows in price momentum), changes in the cumulative OBV trend, etc.
Throughout the massive downtrend that began in July 2015, RSI_14 (a price momentum indicator) has made numerous visitations to reading below 30. This is typical of a robust down trend. Sub-30 readings will ceased in a bottoming pattern. In addition as price works lower, RSI will fail to confirm the new price lows (bullish divergence).
An authentic uptrend will often begin with a price thrust. Evidence of this would be an RSI_14 readings well above 70.
Unless and until these signs emerge I conclude that the sellers still dominate and lower prices, perhaps as low as 5-6 dollars per share are likely.
Trendliner
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