ARTC Technical Overview

ARTC Technical Overview

Short term reversal above 2.63.

With the medium and long term charts having strengthened the negative pictures with the latest attempt to break to a new 52-week low, traders are obliged to stay out of the market and wait for a stronger indication of a bottom in the market before targeting a stronger correction. Bearish momentum has restarted with the break below 2.83 previous medium term support, directing the market towards new lows, and consequently pushed negative sentiments into extreme levels. Any move beyond 2.63 intraday pivot will switch the short term bias to Bullish and initiate a medium term corrective phase allowing the share to exit the oversold territory. Traders of the short term can take advantage form that move and accumulate some positions in the direction of 2.75 and 2.90. However, Bearish momentum will be resumed below 2.40.