Reading ChartsIt was so boring in a past few weeks we have to find something more exciting and look at conspiracy theories behind RHT trading.
Some forces are trying to suppress the price and get a wagon of cheap shares. Maybe our future Market Makers are getting positions ready to smooth the ride after we get on Nasdaq ?. Price will skyrocket on great financials and will never see anything bellow $2 again. Or there are no news coming and financial results are looming to be much worse than we think. Some forces keep price at the current level with tinny buys unwinding larger positions in the same time. And after financials stock will drop like a stone.
Please don’t comment on “conspiracies “ – it was meant to be just for fun ( but … you never know ).
So, let’s look at the charts to see what market was really thinking about RHT. And to be honest we had another pretty same week. Not too many changes.
On Weekly Chart
we are bellow EMA9 and KAMA and touching EMA20. RSIs/CCI /Stochastics are pointing lower but they are not in oversold positions yet (still room to go lower). True Strength Index is curling down but still in positive territory. – like a last week and 2 and 3 weeks ago. Resistance on Weekly Chart is around 1.75 (EMA20). Fibonacci Retracement’s 1.66/1.26/1.06 – yes same as before
Daily Chart -
we still didn’t breach support trend line which is around 1.78.If we break this line we will create another lower high, showing price weakness. RSI/CCI are in neutral territories but moving lower. True Strength Index still in negative territory indicating lack of momentum. Stochastics are turning negative. If you compare this chart with last week you will see a weaker picture. Not too much. Just a little bit.
60 Minutes Chart
managed to get to 1.93 but couldn’t held:. True Strength Index is curling up but still in negative territory. Momentum might be coming back but only if we bounce from supporting trend line and move higher.
Have to wait till May 30 to see Latest Financials and Company’s Comments day after. Still might be in the limbo for almost two weeks.
Happy trading