#METROBANK - Bearish trend likely to continue
A lot of people seem to be expecting that this has bottomed-out. But let's explore what the chart says...
Weekly chart (not shown) - Bounced off the underside of the Kijun Sen and looks set to continue with hidden stochastic and stochastic-RSI divergence. Still well under the Kumo (cloud).
Daily chart - Has formed a very neat running triangle continuation pattern. Also failed to break above the Kumo at point 'E', and there is hidden divergence on the stochastic here too from the same point.
So I'm afraid that the weight of the TA evidence says that this is highly likely to continue to the downside.
If you're an Elliott-Wave trader, the triangle is Wave 4 in the downtrend, so has Wave 5 still to go.
Disclaimer: I hold no position in this.
Weekly chart (not shown) - Bounced off the underside of the Kijun Sen and looks set to continue with hidden stochastic and stochastic-RSI divergence. Still well under the Kumo (cloud).
Daily chart - Has formed a very neat running triangle continuation pattern. Also failed to break above the Kumo at point 'E', and there is hidden divergence on the stochastic here too from the same point.
So I'm afraid that the weight of the TA evidence says that this is highly likely to continue to the downside.
If you're an Elliott-Wave trader, the triangle is Wave 4 in the downtrend, so has Wave 5 still to go.
Disclaimer: I hold no position in this.
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