Financials in trouble
200sma has been a strong resistance since the March drop. The red circles show 4 times trying to get to it.
Placing fibonacci retracement lines shows confluence with a support level (green rectangle from late June --> early July)
The 20sma crossed below the 50sma on September 27th. (Bearish signal trend model)
Also, if we close at the current price, we are getting a bearish engulfing candle.
I would feel comfortable getting in around $22.7, being fundamentally bullish on the sector.
Placing fibonacci retracement lines shows confluence with a support level (green rectangle from late June --> early July)
The 20sma crossed below the 50sma on September 27th. (Bearish signal trend model)
Also, if we close at the current price, we are getting a bearish engulfing candle.
I would feel comfortable getting in around $22.7, being fundamentally bullish on the sector.
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