Our target is the $493 – $530 range, but this seems
unlikely. Technical analysis doesn’t support this claim, all indicators are
pointing towards a bearish future. The only bullish sign is the fact that the
Tenkan-Sen happens to be at this trading range. Meaning we are currently in
oversold territory, so people may want to bring price back to equilibrium
before heading down again.
Stochastic RSI seems to confirm the continuation of the down
trend. Although it isn’t a very strong signal, short term momentum is pointing
downward, which supports this bearish view. Also, the Lagging-Span indicator
shows that past price is not in trading range. Meaning there’s a higher
probability of price dropping with no obstructions. Price may reverse and test
$360, but further slippage may result in $300 levels.