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continues to trade under a bit of selling pressure here um you know we're really starting to kind of uh you know flatten out and you know attempt a recovery here at somewhat lower levels um you know overall you know we have currently posted lows uh that come in at roughly 15390 uh this was posted during the July 18 Trading session uh and as we can see here um you know we are trying to stabilize from these lows a bit um you know we are getting a bit of an upside uh sort of price trend here um you know but the problem the problem that the stock is really running into at this point is that uh you know this this prior break and break down to the downside really um forc the stock through all of its major exponential moving averages on the hourly chart um so this is It's a significant chart it's not a 5-minute chart um you know the hourlies and the dailies tend to be the most commonly watched uh price charts so you know these moving averages take on a greater level of importance uh and as you can see here um you know this stock has had some some trouble here uh breaking above some of those averages uh so in particular what I would point to uh you know really would be this price failure here um then we have some additional price failures here we're really not able to close above uh this 200h hour exponential moving average um all of that said though we are starting to form some higher lows here so it is starting to look like the market you know is attempting uh to try to find the bottom here uh and to start you know start buying the stock um at this discounted price as we can see here uh the trading volumes have started to pick up uh in the positive direction uh we are starting to see more green than red in the trading volume bars um so this does suggest that um you know buy buyers are starting to enter into the market um you know and trying to find a discount for this stock so the real question here is whether or not uh these new upside moves here are going to be sustainable um uh unfortunately there you know there are some there are some issues here that we have to point out uh you know not not not only the fact that you know these bounces have been relatively minimal so let's just take a look again at this at this current uh rally if we if we can call it that I mean it would be a very shortterm rally um so you know to the downside we have lows of 15390 uh that would be July 18 and then uh Friday July 19 uh we saw highs here coming in at 16395 uh so of course this would be the this is the level of resistance now that we have to be watching uh to the top side um you know but we can see here that you know the the upward price movements have been relatively minimal so you know there there are real questions here about whether or not this is actually a sustainable rally um if we kind of pull out again uh we kind of look at the broader picture a bit here um you know we can see that a lot of damage has been done to this chart uh specifically what I would point to would be the loss of support uh which was seen at roughly 15680 uh this is a significant move to the downside here we are breaking some very some very important support zones um you know and we have to you know understand the fact that uh you know prices have already broken through many of the Fibonacci retracement zones uh you know clearly we've broken through this Red Zone here which is the 23.6% retracement the orange Zone 38.2 and then this uh green zone is the is the 50% retracement uh the these these downside moves occurred quite quickly and we did manage to find some support at at the 50% retracement this is something I was talking about in Prior videos uh because we did see a bounce here um this was a you know this was a substantial move higher you know this wasn't a small move move in the upward Direction I mean it's certainly larger than what we're seeing currently uh but we but you know we did start to see some ultimate price failures here um and this did result in the development of a downtrend uh that is based off of these these all-time highs so uh you know currently I'm just a bit suspicious of these uh you know these latest you know move moves higher uh because they're they're they're relatively small in size um and you know we've just broken many many uh you know levels of support we've broken many technical levels here uh in this move lower uh one one one positive Point here that I would suggest would be the fact that you know if we are able to break above this uh this recent Spike High which came in uh at 16395 uh we do have to start to consider the fact that this price Gap needs to be filled um we did see a a fairly substantial move lower and this did create a a price Gap to the downside uh the the top of this price Gap currently comes in at 16680 uh so you know we could see a move back into that area wouldn't surprise me um but moves from there could be limited I mean we'll kind of see how things uh look as far as the uh proximity of prices in relation to the exponential moving averages I mean we might be t that point it's entirely possible this is the hourly chart so we will start to see some changes in the in these exponential moving averages um but you know could this be enough to to start to start a rally higher it it could because you know we do need to see this price Gap filled um and a movement here could could send us above the exponential moving averages um you know but the main problem that I have with this uh currently because you know if we just kind of pull out to a longer term time frame here um you know we can see that many of these price levels have already been uh kind of destroyed in this downside process um you know we're currently looking at this 50% retracement which did hold the first time and it did result in a in a fairly strong rally here um but we've since broken that level uh we broke the historical support Zone and we broke the 50% retracement So currently you know the really the only thing that's holding up prices at this point uh would be this 618 Fibonacci retracement that would be this level here um this is an interesting level because this this goes back to another price Gap uh which occurred earlier this price Gap really happened uh so would have been roughly the middle of June uh you know we saw a significant price Gap here that also needs to be filled I mean we're seeing a lot of this type of activity in this stock um so you know this this price Gap does need to be filled and as you'll see here U that level really comes in to very close contact with this 618 retracement level I'll kind of zoom in here a bit so we can see it a bit better um you know but that's kind of a resistance Zone here uh previously would now be expected to work as support um and this does come into very close proximity with this 151 level so you know in addition to all of that you know you do have the fact that it's you know it's right ahead of ahead of the 150 level I personally don't like to point to these uh random round numbers as being significant um 10000 you know $10 $50 things like that I I don't like focusing on those numbers because I don't think they really mean anything um but you know you can definitely make the argument that uh people do start to watch those those areas and start to establish positions uh in both directions near those levels so you know this does come into very very close proximity with the 150 Mark um it wouldn't surprise me if we saw a bounce there I'm mostly saying that though because because there are there is technical evidence here to suggest that that would be the case uh it's the kind of the bottom of this price Gap and it's also the 618 retracement of this dominant move higher uh so there are a lot of different issues here that that should be watched uh on a side note I do want to mention that I'm going to be changing the name of this channel relatively soon probably this week um it might that might make it more difficult to find the channel if you're just searching by the username competitive technology um you won't be able to find this this channel that way anymore so if you want to make it easier to find the channel you might want to subscribe now uh so that you don't so that you're able to easily find the channel um other than that you know everything else will stay will stay the same the price charts and the this form of analysis will be the same um and a lot a lot of even the the thumbnail pictures will be the same so you you should you could be a you could find the the the channel That Way um but you will not be able to use the username because I will be changing uh that this week so it's it's probably easier to just uh subscribe to the channel you know at least long enough uh for the for the uh username to be changed uh and then that would make it easier to find these find these videos going forward
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