FIL is quickly approaching a key technical level at $57. This would provide a juice entry for anyone that wants to get some FIL long term. However... there is a problem.
On this weekly timeframe, we can see that FIL is in a MASSIVE descending channel... if this bearish trend continues, there is a WHOLE lot of room to fall until... $30!
The indicators seem to say that we have more bearish price action before any reversal, however this descending channel could also be interpreted as a bullish flag... massive one that is. For that to confirm, we need to break resistance and that is very far away right now.
What we need to ask is if price will fall or not to $30. The test will come at the $57 support line. If that breaks, then best to wait for a price under $40 before you bring the cash.
Bias is bearish right now, particularly on short/medium term.
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On this weekly timeframe, we can see that FIL is in a MASSIVE descending channel... if this bearish trend continues, there is a WHOLE lot of room to fall until... $30!
The indicators seem to say that we have more bearish price action before any reversal, however this descending channel could also be interpreted as a bullish flag... massive one that is. For that to confirm, we need to break resistance and that is very far away right now.
What we need to ask is if price will fall or not to $30. The test will come at the $57 support line. If that breaks, then best to wait for a price under $40 before you bring the cash.
Bias is bearish right now, particularly on short/medium term.
Like and follow if you liked this idea!
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