Hubert Senters here.
Let’s take a look at RSG. This is a charting perform, the charting pattern that I like to play a lot and when I’m looking at this one I’m looking at is a test of the belly of the beast. Now, this is a little bit different look. Usually, you have the cloud slamming down.
You’ve got the cloud breaking below or the price action breaking below the cloud, sideways consolidation pack above the turning line, test the standard line and test underside of the cloud. I called the belly of the beast because I think thing looks like a dragon.
Anyway, so what I’m looking for is I’m looking for that to fail and then that the roll through either the turning or the standard line whichever ones there because it just all depends on the math of the indicator and if it goes lower I’m looking for a really good break of one or two of those lines and then I can target this area here at $95.
Now, if you’re in a market proxy stock if it goes up and the market goes up and down the market goes down you can time it easier with that. If not you can look for these patterns and they’re all over the place like ideally if you get one it goes has a slant to the downside and then does that test.
It’s got a little bit more juice to the downside. This one is a little bit on the stronger side but it’s starting to show some chinks in its armor there which can potentially drop down here to a low of $80 so I’m looking for a break of $86.10 here to test these lows around $84-ish. Then if that breaks I’m looking forward to drop to about $80.
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Good luck. Hope it helps. See you on the next video.