MRX Medicis Weekly Chart Overbot Rising Wedge Negative Divergence Gap Potential Island Reversal

Medicis doing the swan song currently, topping and rolling over. Note the negative divergence, overbot conditions and rising wedge creating the spank down. Look at the MACD histogram big bump in the April-May period, this wanted to see another higher high, which price achieved, and now the histogram as well is in negative divegence. The upside is done for this chart.

Note the gap below at 28-29 which will serve as a target. Also, this gap up created an island we now sit on above, so price may come down to that critical 30 level, then fall thru a trap door to 27-28 in a heartbeat creating an island reversal. Nothing attractive about this chart. Projection is sideways to sideways down moving forward, 27-30 target in the months ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.