Confirmation of the Bearish reversalAfter topping at $6.00 yesterday on bullish news of earnings,we are now in a downtrend---with lower high and lower low on the daily time frame. You can see this on the candlestick charts.
High for the day is $5.40
Low for today is $4.85...
The question is: Where is the bottom?
We have a 100 day moving average at $5.57
We have a 50 day moving average at $4.61
We have a 20 day moving average at $4.24
We have a 5 day moving average at $4.89
I would expect a lower low and lower high tomorrow....Friday's are always days which day traders and others close their positions, fearing bad news of the weekend, which could sink the share price of a stock lower..