MUX printed another bearish candlestick on Friday with well above average volume, running up to Thursdays high before selling off sharply, another shooting star formed and the stock closed below the one from the prior day, leaving another bearish candlestick, ...confirming a possible top.
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[The shooting star is a bearish reversal pattern that appears at the top of an uptrend. It signals that buyers attempted to push the price higher, but strong selling pressure drove it back down.]
[The pattern suggests that bullish momentum is weakening, and a potential reversal to the downside may occur. Confirmation is needed with the next candle closing below the low of the shooting star.]
Tariff news between the U.S. and China was the catalyst this time, a lot of red on my charts, ...it may be short lived, anyone's guess.
Politics can play a significant roll from time to time and if that's the case, it might level off and hopefully pick up where it left off.
We wait to see follow through next week with negative activity, lower levels and red bars.
Key words above: Possible and May
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