Short

MATIC Bearish Retest|Broke Trend Line|Increase in sell volume

Evening Traders!,

Today’s Technical Analysis will focus on MATIC which has broken its longer term trend line with a confirmed bearish retest.

Points to consider,
- Sellers in control
- S/R flip confirmed
- Structural support at local lows
- RSI trading at resistance
- Stochastics neutral
- Increase in sell volume

MATIC has breached its key trend line as sellers step in upon a confirmed bearish retest. This has also confirmed the S/R Flip, MATIC is projected to reach structural support.

The RSI is at lower levels, testing its resistance; a break will send it back to neutral territory. Stochastics on the other hand is already neutral with momentum stored in both directions.

There has been a noticeable increase in sell volume, confirming a true break of the longer term trend line.

Overall, in my opinion, MATIC is likely to test lower levels as the bearish retest is back with volume. Momentum is clearly with the bears at current given time.

What are your thoughts?

Please leave a like and comment,

And Remember,

“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite

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