Looks like a tag of war between bears and bulls along 38.2% Fibonacci Retracement level while everyone is waiting for the White Knight. It seems that some traders are already disappointed but then some groups are keeping this stock alive. Today, the trade is concentrated around 1.45 – 1.48 level
On our weekly chart, we know that we have a shooting star last week. So far this week, it looks like we don’t have yet the bearish confirmation.
The Shooting Star simply tells us that the market opened near its low, then prices strongly rallied up and finally prices moved down to close near the opening price. In other words, the rally of the week was not sustained. A confirmation on the third week is required to be sure that the uptrend has reversed. The confirmation may be in the form of a red candlestick, a large gap down or a lower close on the next trading week.