END OF A BEAR RALLY?
RESN is a 5g company.
5g is an area which is logical for longterm investors.
In the short term, RESN seems to have a huge price action to the downside for couple of months after a huge bull rally.
There is not a lot of volume lately and its decreasing rapidly which is a problem for price action to create an uptrend.
RESN definitly need more volume if its to go upward.
Also if you look at the BB, price action occured between 20day ma line and lower line of the band.
Which means price was not able brokeout to the upside and was in a downtrend.
This was a clear bear market and it seems it still is.
Right now price tries to breakout 20day ma area and if it cant breakout to the upside, we can go to the lower band at least 1 more time.
Price can have an explosive movement in a week or 2 for both sides regardless we are forming symmetrical triangle. It is generally a trend continuation pattern but not always!
Therefore we have to wait after breakout, for at least 1 candlestick close in daily chart, to be sure if this is still a bear market.
5g is an area which is logical for longterm investors.
In the short term, RESN seems to have a huge price action to the downside for couple of months after a huge bull rally.
There is not a lot of volume lately and its decreasing rapidly which is a problem for price action to create an uptrend.
RESN definitly need more volume if its to go upward.
Also if you look at the BB, price action occured between 20day ma line and lower line of the band.
Which means price was not able brokeout to the upside and was in a downtrend.
This was a clear bear market and it seems it still is.
Right now price tries to breakout 20day ma area and if it cant breakout to the upside, we can go to the lower band at least 1 more time.
Price can have an explosive movement in a week or 2 for both sides regardless we are forming symmetrical triangle. It is generally a trend continuation pattern but not always!
Therefore we have to wait after breakout, for at least 1 candlestick close in daily chart, to be sure if this is still a bear market.
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