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Why The Stock Market Is Healthy As Americans Die From Coronavirus

From the above chart, it is evident that The Large Uptrend continued for 42 bars and then saw a sharp decline. Post printing a low around 130 in Jan 2019, the boutiques near me turned sideways and since then had been trading in a range of 270-130 levels. If you have one glass with each course then you could add an extra 800 calories to the meal. While analyzing the weekly chart I found stock has been following into one of my favorite setup and I dug more into the same which lead me to conclude, the rally is likely to continue ahead and the price to scale higher in coming weeks. The weekly band attached in the below chart shows how beautifully and accurately price has provided support to the stock when it was in the bull trend. The SunFlag and Iron and Steel stock topped out around 100 levels in Feb 2018 and from there on every rise in price was sold into.

 

The stock remained under pressure and made a low below 23 levels in August 2019. The sharp selloff halted near 23/- and post that the stock went into hibernation mode. From the last 4 years stock has remained under the shadow of bears and every rally has been sold into to make series of lower lows. However, among the metal basket, I have chosen a small-cap stock which has been on my radar from the last couple of weeks. This stock piqued my curiosity when last week, price witnessed a wide Gap up the opening of about 20% on the back of some positive news flow. The wide gap up witnessed in the previous week has lead the price to surpass the median channel line which acted as key resistance earlier. Post breakout from the same price rallied higher for few days but soon witnessed profit booking draging prices lower to restest the higher trendline of the channel. Similarly, the downtrend also took 42 bars (this symmetry voids if price makes a new low). Thus the discussed time symmetry suggests that the Large downtrend phase is likely over and uptrend shall continue for many months.