negative technical events
cxr on friday touched a low of $47.56. It is now showing a shooting star on the weekly chart. A shooting star first confirmed on Dec 2 on the daily chart. The 50dma and 20dma crossed on Dec 3. It fell down out of the cloud on the hourly chart on Dec 3 (for the first time since earnings). Its sitting on the bottom trend line in a wedge formation. And Its sitting abt $0.58 (give or take) above the 50dma (heading towards it). The hourly Macd confirmed negative Dec 2 and has yet to signal a reversal. The daily macd is converging the most it has since the breakout on Oct 22. And the signal line is pointing down. So, the MANY technical indicators are saying this is now on a downtrend. I have only touched on a few to prove my point. If it goes down further on Monday, and breaks $46.55 it could go down as low as $42-$44 imo. I just hope all these signals are wrong but I will gladly buy at $42 again if it gets there. Dont forget to hedge, people! gl