Garmin has a bullish gap up last Friday.
With the gap up, GRMN is now above the kumo with the Chikou Span (highlighted in yellow) having pierce through the resistance levels.
On top of that, both the Tenkan sen and Kijun sen is now pointing upwards; a possible indication of a new bullish trend after its dismal drop last year.
Garmin has very bearish chart today.
Like the broader market, Garmin rallies on market open but quickly reverse as its results was released.
From $30 to $33, it quickly lose ground and is now back at $30 (before the day ends).
From a technical analysis standpoint, this is a very bearish chart.
1. Candlestick shows Bearish engulment
2. Ichimoku shows bearish cross from the Tenkan sen – Kijun sen cross
3. Price is falling off the kumo (or exiting from the kumo).
4. Leading kumo is showing signs of a twist
That’s quite a few confirmation sign of a bearish outlook.
