$GMCR hits the Tenkan sen and continues on its way down.
It closes just above the Support level of $49.56
Given that $GMCR has closes its ‘gap up’, this is an extremely bearish move for GMCR.
Vested. Bearish. Looking to add on to a winning postion.
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 isÂ 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.