EXC Big Picture
- The downwards sloping trend line shows the bear trend holding up.
- The major swing pivots worked well to resist bullish price movements.
EXC Small Picture – Evening Star with Moving Average
- The EMA gave good resistance to price.
- Furthermore, in the recent decline, all bullish bar had little or no follow-through. The bear trend is going strong.
- Price tried to rise above the EMA and the trend line (blue). However, EXC failed to move much higher and a pin bar formed. It led to an Evening Star candlestick pattern that is bouncing off the EMA.
Candlestick with Moving Average Analysis
EXC is showing clear signs of bearishness.
The Evening Star candlestick pattern formed as the trend line and the EMA rejected the recent retracement. Given the bear trend of EXC, this Evening Star candlestick presents a decent opportunity for a bear swing.