Following the worst session for stocks this month, the morning of April 16 is starting on a more positive note.
The technical situation may still lean pessimistic, however, buyers seem to be defending their bullish view. Not to mention, supportive Central Banks around the globe should not be dismissed too quickly.
The followed it’s expected route yesterday; the price formed a double top formation and broke its neckline, aiming towards the lower line of the wedge. The lower line of the wedge was in the same place as the 38.2% Fibonacci level which activated demand for the stock. The price bounced and is now moving upwards. Pessimists will probably see the price heading towards the creation of the right shoulder of the head and shoulders pattern, fair enough, but for a sell signal, the price will have to break out the 38.2% Fibonacci level.
The also followed its expected course and as we anticipated yesterday, it saw a downswing that came…
