Case study of "TRIDENT"(Technical Analysis)

"Strong Breakout Stock"

(Please read the Full Analysis and don't miss the Key Takeaway Points)

Important Points:

Breakdown of the case study:

Here we can see that the price made a high on 17th of Apr '17 after an astronomical move of 567%.

 After reaching a high, the price entered a short-term distribution phase with moderate volumes. It then found support at the 50 EMA and subsequently rose again with strong volumes.

 The price encountered resistance at the exact high, leading to a short-term distribution phase that eventually turned into a downtrend, as it failed to maintain levels above the 50 EMA and fell below it.

 This downtrend was more fierce and swift as it was supported by strong bearish candles and high volumes as seen in the chart so the time it would take to absorb the supply would be significantly higher.