Nice rebound? Sure... Still massively low here though... Wasn't long ago I was told I couldn't buy $0.015s ever again, now I can buy them and less all day long...
I wouldn't celebrate that move... It's not good, it's just not as bad as it looked for awhile...
Keep in mind $0.014 is a significant price... Your chart is in a state of chaos right now... $0.014 was a key resistance level for months until it was broken above and became support, where its support was tested and held before running to just under $0.03... Then support there became tested the past week and yesterday it was breached massively, but closed right at the line of support... However is it a line of support now? Or resistance? Because we closed below $0.014 and never closed above it since... Technically converting support into resistance... So did we actually close at the line of resistance here then? Hard to say because $0.0139 is close enough to $0.014, where the actual support/ resistance line is drawn is a toss up... If you ask me I say it is a clear $0.014... Thus in my opinion $0.014 is acting as resistance until closed above... But see, chaos...
I believe though that the candlestick made yesterday is a signal for a bullish reversal, but only a signal... Not a confirmation...
Yes CELZ rebounded from the dip to $0.011s, but since $0.011s it bounced to $0.015s and higher before it fell back again to close at $0.014.... So while the dip didn't stick, nor did the bounce...
Tuesday in my opinion is a critical day here, this chart needs to decide, is $0.014 support now? Or resistance?
Is it actually working on that reversal? Or was that dip just a sign of things to come... Because while yes, you closed above $0.011s, you're still in the "lower low" territory... The price from here really could go either way...
The indicators (MACD, Stochastics, etc.) here are really of no help right now... They don't signal any reversals, but do show one is due - the only reason I am bullish here right now... The stochastics are about to signal to buy, so that's good. The MACD is still not showing its bottomed out yet though... Your biggest saving grace is closing above the 50 day Moving Average, which is currently you main support despite being breached - you got back above it to close... Also you pegged through the bottom Bollinger Band, you can now potentially begin to bounce upwards off of it... But not guaranteed to do so... The fact the Bollinger Bands are opening downwards is not a good sign - the price can also ride the bottom Bollinger Band downwards as it opens...
Right now the chart says this can really go either way... Momentum has it falling, but support has it possibly holding and bouncing from here... It depends if support is held here or not... Because you have a key price action support point here ($0.014) and the support of the 50 day Moving Average at about the same place, it's sort of doubled up support, so it doesn't suprise me it held... For now... The fact it was breached though is a signal of weakening in support... The fact it closed back at support just confirms support... And again, is $0.014 even support since it's really never been closed above yet since being closed below... The real support right now is the 50 day Moving Average...
The fact the 20 day Moving Average is falling and might soon "death cross" with the 50 day Moving Average is a negative signal...
Also don't forget the head and shoulders bearish reversal pattern that just occured... I really contribute yesterday's dip to that pattern... Is it going to continue to dip the pattern? Did support just prolong the inevitable? Or did support hold and over power the pattern?
So many what ifs... I can really build a bullish and bearish case here... You really closed at the 50 yard line here with forces pressing in all directions...
I truly cannot give a forecast what happens next here, just too much at play... BUT, if I were to take a wild guess... I think the 100 day Moving average gets tested soon (currently at $0.0094), holds support as it is turning upwards while the 50 day Moving Average is also moving upwards too, and that is when the reversal will occur... Just a guess, but I think bears have their way first, but bulls take charge soon...This might soon be where I would buy...
Accumulation is in distribution or is down, RSI is falling...
I'm not seeing a ton of upside, but I do see signs it can turn around soon... But even if it does... How strong of a bounce/ turn around are we even talking? Volume is also diminishing...
Lastly... PSAR is bearish, and not looking like it's about to let up...
All technicals above are per the daily chart..
The weekly chart really paints a better picture sort of, and shows in my opinion the chart is about to go bullish...
On the weekly chart you still show a vivid Double Bottom bullish reversal pattern with support being tested right now (a normal occurrence of the pattern)...
The MACD there is still not bullish though, but the PSAR is for the meantime...
The price is fslling from the upper Bollinger Band (bearish) but might find support at the 20 week Moving Average and bounce from it (at $0.0095 currently - about the same as the 100 day Moving Average mentioned above).
RSI and accumulation is down...
Nothing else if helpful to me right now in reading the chart...
So it's a mixture bullish and bearish...
I again thing the bears are in charge but the bulls are about to take charge...
Guess who's back. Tell a friend!
