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uh the trading uh the trading volumes here are spike in the spiking in the negative Direction uh to start the trading session on Thursday uh currently we have uh some fairly significant selling pressure that is developing at a an important level of resist that's going to need to be addressed here relatively soon so uh in this video we're going to outline some of these potential levels here um and try to identify game plan here for the uh for the latter parts of this week uh so you know initially what we needed what we have been pointing to here with the stock would be the fact that um you know the the positive UPS surge here in trading momentum uh and the relative strength index uh has has recently broken uh and we are seeing we seeing uh you know a negative momentum reading start to develop uh in more than one direction so you know in particular we can point to this this kind of failed uptrend here this broken uptrend uh in in indicator momentum um and then we can also point to a few uh areas of weakness here that should be that should be noted so in particular we've got um you know some downside momentum here and then some additional downside momentum here which does suggest a bit of a a shorter a shorter term decline that might be a bit more severe in nature um so you know we are seeing some negative slopes here uh and this follows a broken uh uptrend uh in the broader indicator activity so you know at the moment what is this actually done here so what we've seen here is uh you know in Prior in Prior trading sessions uh you know we've seen avgo attempt to find some support here uh at this 20 period exponential moving average uh and for the most part this area did hold and we were able to retest the prior highs here um the problem with this uh structure though is that we have now created a triple top pattern uh that's fairly easy to see here um you know this this region here uh roughly 1770 just below 1770 uh has been has been tested on three separate occasions um and now the market is sort of making a more decisive move here to the downside as we can see so you know there there was this could have been you know this was forecast in the in the indicator reading itself you know as we were kind of losing this uptrend momentum um you know and then the broader term the longer readings here the longer term readings uh you know we're we're focused on the downside uh with some lower highs being uh shown in the relative strength index itself so you know here with these price moves low we're we're seeing a bit of a confirmation of all these factors um and now the uh the stock is current Curr L pressuring uh very important support levels at least in the near term uh which come in at roughly 1715 just below that figure uh we have actually broken through here a bit um we have already seen lows of 1701 a bit of a spike low here we're we haven't closed below here on an hourly basis quite yet but the bounces here have been very minimal um and it does look like uh this this shorter term support Zone um at 1715 um is not is not likely to to uh sustain uh prices from here going forward so you know in addition to that we also have to note that um you know this historical support Zone does come in line with the 50-hour exponential moving average it's the orange line here um so you know a breakr here would be fairly significant and it would suggest that a near-term top is in place uh that would start to uh send some warning signals here because um we would then have a triple top structure uh in this region here roughly 17 1870 um and it would show that we were not able to uh successfully retest the highs just above 1850 so you know this this would be a warning signal here because this developing up uptrend that was in place um seems to have run its course and is likely to start heading lower um so you know from the downside you know if we were going to start to look at the stock uh from the potential downside here uh we could start to do some Fibonacci analysis based on this shorter term uptrend so for example um we could start to look at um you know some some of these Fibonacci levels although some of them have already been broken uh in particular we can see that the 23.6% Fibonacci retracement of this prior Trend move um which rested at uh 17 2167 um this was fair this was broken fairly quickly um you know we really didn't see this area hold for very long but we did see a bounce here off of the uh the 38.2% Fibonacci retracement just below 1700 this would have come in at 16927 so we can see the bounce here and this is a significant bounce because we were it did it did allow us to retest the prior highs here uh which were found at 1765 so uh you know this is an important level to watch on the downside roughly 1695 1690 to 1695 um there's a bit of a difference here some of the prices uh for example uh you know the historical low itself comes in at 1696 uh but the the Fibonacci level itself the 38.2% Fibonacci retracement uh itself does come in at 16927 so there's a bit of bit of a price Gap here um but overall um this region should be watched because um we're also coming into fairly close contact here with the 50-hour exponential moving average um overall this is a bit of a sideways trading range um although we would need to see a bounce out of 1690 to 95 um in order to to sustain um this this upper trading range uh at these higher levels So currently the the real Line in the Sand here does come in at roughly 1690 I mean if we did see a break below here um this would suggest that we are in store for a deeper retracement of this broader move uh if we were to look at the the 50% retracement of of this level um it currently comes in at 1670 uh that would be kind of the first level to watch here and this does match up fairly well with the uh with the 100 period EMA I could just kind of draw that out here um so as we can see you know there there is some Confluence here um and then uh further from there uh we would probably be looking at a drop below 1650 because uh the following 618 retracement level uh is found at 16490 roughly um this is this does come in line with some uh prior resistance levels that would be expected to work as support uh but we would not be seeing any uh moving average support in this area most likely um it depends on you know of course it depends on how long it would take for this to happen uh we could see the 200 period EMA uh move up into this area um but if this if this move does start to happen quickly then then we would be unlikely to see uh moving average support uh you know adding adding to the picture and helping to contain selling pressure to the downside um so you know that just makes it less likely that this area would actually hold uh So currently you know the real level to watch here the main the main kind of issue here does come in at 1690 to 1695 we can call you know you you can divide those two in half there uh so 169 250 roughly and that that would match up fairly well with the uh the 38.2% Fibonacci retrace um so you know this is really the level to watch to the downside and then to the top side at this point we would need to see a break of uh 1770 uh in order to expect to see a resumption of the prior uptrend
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