ARTC Technical Overview

ARTC Technical Overview

Correction on the making.

The overall Bearish market structure had been strengthened with the break below previous 52-week low of 2.73. The move below this level has opened the way for further losses and postponed any Bullish scenarios in both the long and medium term. Although the medium term remains strongly Bearish, the subsequent correction was not surprising after negative sentiments reached quite extreme levels. That correction was initiated with a Bullish intraday reversal activated above 2.41. Short term traders who decided to take advantage from that move having reached their initial targets at 2.46 were allowed for a partial profit taking and a trail of their positions to their entry levels.