Traders took the price to a technical auto adjustment for the range of 10.16 and 12.98, levels touched in the last 30 days, although the auto adjustment price was at 11.57, SMA-200 pressure at 10.59 moved the exchange up to 11.02
Although 9.6 million shares were exchanged, this volume is not a sign of lengthy adjustments.
After a long overnight session, on Monday we will see opportunities for a comfortable swing trade between 10.85 and 11.57, putting 11.49 as a high resistance level to the rise.
Don't be fooled, 11.49 has a buyer side on the seller of less than 3%, so buyers could move the price up to the SMA-50 of 60 minutes at 11.70 tops.
With 2.1 million shares purchased in the last 15 minutes of trading, Monday's opening will be very volatile, around 11 am will be clearly seen when this small swing will finish resuming the adjustment until 10.61.
With a cost of 11.79 for my short sell, I started to cover this position below 11.32 to 11.23, although I was surprised at 11.02.
My new swing purchase is at 11.28 total cost, which on the 11.49 I will start selling, to restart the last short sell and finish waiting for the next one began from 10.61
although there was a lot of pressure on this sector today, the 52-week record has room to be touched again before the next earnings reports.
December 15 of 2017
With an extraordinary resistance to the rise, the market is showing a technical formation of a descending triangle.
Weekly averages are showing a markedly negative performance.
For this type of weekly average, the price has remained below the SMA-200 which is now 12.17, considering this level a weakness of the price.
For the daily average the SMA-200 is 10.59, now having this formation descending, the price has more than 75% to reach a reduction of up to 10% that places it at 10.61 near the SMA-200.