I'm new to this but...
This looks to me like a head and shoulders tops formation (albeit a long one) - the three horizontal blue lines mark the top of each shoulder and the head. Neckline is marked by the horizontal line at 105.98. Based on this, new long-intermediate term resistance should be established here IF it breaks its more recent resistance at 101-102.
A further decline should take the stock down to about 78, based on the price difference from the top of the head (132) and the neckline at 105. Approximating the slope of this decline gives a very rough estimation of reaching that price level sometime in October, 2017.
As further support for the theory of a recent head and shoulders tops reversal, I'd like to note that weekly volume breached its moving average multiple weeks in a row, both on the decline from the head and the decline from the right shoulder, indicating selling pressure which I believe is consistent with this formation.
I'd love any feedback or criticism.
This looks to me like a head and shoulders tops formation (albeit a long one) - the three horizontal blue lines mark the top of each shoulder and the head. Neckline is marked by the horizontal line at 105.98. Based on this, new long-intermediate term resistance should be established here IF it breaks its more recent resistance at 101-102.
A further decline should take the stock down to about 78, based on the price difference from the top of the head (132) and the neckline at 105. Approximating the slope of this decline gives a very rough estimation of reaching that price level sometime in October, 2017.
As further support for the theory of a recent head and shoulders tops reversal, I'd like to note that weekly volume breached its moving average multiple weeks in a row, both on the decline from the head and the decline from the right shoulder, indicating selling pressure which I believe is consistent with this formation.
I'd love any feedback or criticism.
