Chaoda has fall off the cliff since its August sell off with not just 1 gap down but 2.
Currently, it is trying to break through the gap resistance at around 6.31
If it succeeds, more resistance is expected from the kumo till around $7.2; where it will be the kumo resistance from the Weekly Chart
Both the Tenkan sen and Kijun sen are pointing downwards; which suggest that weak bullish trend.
With such a huge selldown, it will probably better to wait for it to clear the kumo resistance and established a clear bullish trend before taking a long position.
Meanwhile, the bias remains bearish.
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