RE:RE:Trademark...I think we hit bottom...No sell signal?Looking for a double bottom tomorrow at 7.15 and then a break of 7.46 pivot. If it holds and takes that out we will possibly finish the week in the 8.00 area....but if it breaks, we will see 6,80-9-ish possibly.
Fact is however that if I can identify this fact, then more -sophisticated traders have as well and will try to push it lower. Other traders will watch and trim as needed without an agenda other than to save larger losses if it breaches 7.15. It becomes self-fulfilling proficy.
Having said that I feel that 7.15 is the bottom given how it traded today..... It is the bottom of the 3 year channel, is the breakout from Nov 9/20 and we bounced off of the 200 dMA at 7.15. It will probably consolidate for a while until news comes out, but I do not feel we go significantly lower.
Said again, the fundamentals do NOT support this move downwards. Can't fight the tape though and price trumps all in the short term,especially for retail investors who do not understand the intricacies of the business....