NTEK Chart.....Doji formed for Fri.'s candle.......Indecision........
NTEK has closed just above MA(200) @ 0.0177 for the last 4 trading sessions while @ the same time being unable to close above MA(10) @ 0.0193.......& in the process MA(20)/Middle BB @ 0.0193 has become resistance......
The series of lower highs & a consistent low(0.0170) has formed the Bearish Descending Triangle pattern.....
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
Because of its shape, the pattern can also be referred to as a right-angle triangle. Two or more comparable lows form a horizontal line at the bottom. Two or more declining peaks form a descending trend line above that converges with the horizontal line as it descends. If both lines were extended right, the descending trend line could act as the hypotenuse of a right triangle. If a perpendicular line were drawn extending up from the left end of the horizontal line, a right triangle would form. Let's examine each individual part of the pattern and then look at an example.
When MA(20) support broke NTEK officially went from a Bullish uptrend into a BEARISH downtrend.......Middle Bollinger Band support broke on Thurs......in order for NTEk to start a new uptrend it must close above MA(20)....
NTEK is @ a crossroads.......it is now trading in a very tight range between 0.017 & 0.02.......look for Support @ 0.0095 if NTEk fails to break resistance........
NTEK on break resistance or breakdown radar........$$$
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