Red Candlesticks Pull up Socrates favourite chart view: the beloved weekly candlestick chart.
Plot the 10,50,100 Weekly Moving Averages (WMA). Make the timeframe back to 2015.
6 red weekly candlesticks in a row. Closed below the 100WMA for the first time since March 2020.
We haven't seen such sustained dogsh!t performance since the collapses in 2016, 2017 and 2018.
Those collapses had (1) 17 out of 18 down weeks. (2) 18 out of 20 down weeks and (3) 23 out of 28 down weeks.
The total negative return for each was (1) -51% (2) -47% (3) -44%
See the common pattern. They all closed through the 100WMA. Happened this week again.
Hmmm... I wonder what Trading View thinks....
https://www.tradingview.com/symbols/TSX-QTRH/technicals/