Wed 11/1/23
I am posting this two hour chart to demonstrate a feature of bear markets.This is a two hour chart. Notice the huge rally just two or three days back, a jump of $7 in two hours.
But it did not last, NOtice the rally failed at the red 200 bar moving average line, no follow through. Such rallies may be a result of short covering. If one sells a stock expecting a down move, one has to buy back to collect the profit. Problems always start in the banking sector and this is a strong bank making millions of dollars. Like our downtrend channel, see two posts ago, we will see rallies that cause the majority to think
things are still okay. This despite the obvious down turn in social mood, two wars, protests, etc.
The longer view a daily chart of CFR just over a year
It's a bear market
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