CLDR Weekly Bear Divergence
Hello,
What is CLDR?
Cloudera, Inc. is a US-based software company that provides a software platform for data engineering, data warehousing, machine learning and analytics that runs in the cloud or on premises.
Cloudera was founded in 2008 by three engineers from Google, Yahoo! and Facebook (Christophe Bisciglia, Amr Awadallah and Jeff Hammerbacher, respectively) joined by a former Oracle executive (Mike Olson).
News
My Thoughts For You
Looking at the chart we can see that price has been stuck in a down channel since its conception. The good news is that this type of pattern is bullish and at some point, we will see price break through this channel and head up to test the old highs.
Currently, we are seeing a bearish divergence, and judging by the last bearish divergence we can expect the price to drop within the range of 100% retrace to 1.274% retrace. We may also see a retest of the top making it a triple top but still is a bearish pattern with an expected outcome as mentioned on the chart.
When the price has completed this correction we will see the price head back up and test the upper trendline of the downward channel. If the price manages to breach the trendline, we will see a retest for support of the trendline or a test of horizontal support before we see the price head up testing the old highs.
Good Luck, Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
What is CLDR?
Cloudera, Inc. is a US-based software company that provides a software platform for data engineering, data warehousing, machine learning and analytics that runs in the cloud or on premises.
Cloudera was founded in 2008 by three engineers from Google, Yahoo! and Facebook (Christophe Bisciglia, Amr Awadallah and Jeff Hammerbacher, respectively) joined by a former Oracle executive (Mike Olson).
News
My Thoughts For You
Looking at the chart we can see that price has been stuck in a down channel since its conception. The good news is that this type of pattern is bullish and at some point, we will see price break through this channel and head up to test the old highs.
Currently, we are seeing a bearish divergence, and judging by the last bearish divergence we can expect the price to drop within the range of 100% retrace to 1.274% retrace. We may also see a retest of the top making it a triple top but still is a bearish pattern with an expected outcome as mentioned on the chart.
When the price has completed this correction we will see the price head back up and test the upper trendline of the downward channel. If the price manages to breach the trendline, we will see a retest for support of the trendline or a test of horizontal support before we see the price head up testing the old highs.
Good Luck, Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
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