1. Price is below 20, 50, 100 & 200 Day Moving Average, signalling bears are in control over the short, medium and long term.

2. Price traded lower 8 months in a row which puts the path of least resistance towards the downside.

3. Price is in a range between $3.07 and $2.80.

4. There is lower highs coming into support area which is a sign of weakness, as bulls are unable to rally higher.

5. The 50 EMA is currently acting as dynamic resistance.

Trading Plan

A pullback towards 50 EMA provides shorting opportunity. Stop loss will go above 50 EMA.

Or…

You could short the break down below the recent lows with Stop loss of 2 ATR.

As always, comments are welcomed and encouraged. Cheers!

This is not trading advice. Kindly do your own due diligence before risking your hard earned money.

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