AI
Thursday, January 06, 2022 2:03:41 PM
The rally fizzled, Head & Shoulders pattern now apparent, unlikely bulls will rally further. Short profit target if the selling continues is somewhere near mid .05's barring a news catalyst to help reverse. If it makes it back to mid .05's it'll double bottom with the 200 week moving average which would be a good place for longer term reversal.
Profit target comes from .16 - .11 = .05 and we'll split the difference since the H&S is lopsided.
The profit target is the difference between the high and low with the pattern added (market bottom) or subtracted (market top) from the breakout price. (source)
Taking the afternoon to catch up on other work. GLTA
15 minute intraday chart:
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