On the weekly chart, note the following:
-- Prices are below all the SMAs
-- The 10 and 20 week SMA are both headed lower
-- The 10 week SMA has crossed below the 50 week SMA
-- The 50 week SMA is turning sideways (and will start moving lower within the next few weeks).
Bottom line: this is a bearish chart
On the daily chart, notice the following:
-- Prices are below all the SMAs
-- All the SMAs are headed lower
-- The shorter SMAs are below the longer SMAs
-- Prices have been dropping for about three months
-- Prices are using the 20 day SMA as technical resistance
Bottom line: This is also a bearish chart.
