FIO Analytics for Monday November 14th

The following chart was created by Barry Bergman courtesy The Blue Collar Investor:

NOTES:

Looking slightly bearish but could change based on news coming from Europe.   
However, the reasons that I’m slightly bearish:
  • Possible Head & Shoulders forming (very bearish)
    • Left shoulder and head in green circle
    • Possible right shoulder could form in vicinity of red circle
  • Trend line broken over last two days…close below trend line (red)
  • MACD, a momentum indicator, is showing bearish (histogram below zero line)
  • Stochastics showing a bearish trend (below 50)
  • Decreasing volume 
Potential near term targets:
  • Next upside target – $35-$36
  • Next downside target – $28-$29…the gap area due to Barron’s article

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