Reading ChartsIs the uptrend still in progress. Or we might have some price correction ? General market experienced quite a selloff and Greenline was affected as well. This is strange since company’s Beta=2.36 (believing stockhouse data) and price should be rising when market goes down.
Let’s look at first at global market picture
If $Namo Oscillator line crosses bellow Lower Bollinger Band you have 90% chances to have a bounce on the next day. Sometimes you have to wait extra day. This bounce is for short term trade and has nothing to do with “Reversals” , but It can and should affect Greenline price on Monday/Tuesday. So don’t be fooled by one day price movement unless you are short term trader.
Daily Chart The Good: Well, we are still trending on 9 days EMA and KAMA, but not really above. Price stopped at Pivot Point at 0.50 ….
The Bad: but….. we violated Up-Trending Channel. Not much so the judgment is still pending. Price Divergence played out nicely. RRS/CCI/Stochastics are all pointing and moving lower. Momentum slowly evaporates. We are at Pivot Point
Support at 0.44/0.39 and Resistance 0.62
Sometimes is better to waitand buy at higher prices than trying to catch a falling knife
Happy Trading