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Friday, July 09, 2021 12:09:40 PM
The descending triangle usually means bears are getting more aggressive because highs steadily get lower, and lows hover at the support line about to be broken.
There's still time for a rally which would pull the 9 day MA over the 20 MA, break out of the triangle, and get all the moving average lines sorted bullishly. In this scenario bears would be exhausted and we'd see some nice gains. https://investorshub.advfn.com/boards/read_msg.aspx?message_id=164694890
Longs should carefully weigh if they think bears will get exhausted and bulls will rally, vs bears breaking support and gaining momentum. If the current support line is truly the bottom, we have a couple days max before upward movement. Otherwise we could see a big selloff and prices back around a dime. (A third scenario is running the triangle out the tip, which results in a low activity sideways market waiting for a catalyst. But that's unlikely compared to a breakout up or down.)
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