False Breakdown :PI Industries
A False Breakdown occurs when the price moves through a certain level but doesn't continue to accelerate in that direction.
This is because the price does not have enough momentum and the selling interest at this level is not high enough to keep pushing the price in that direction.
Instead, the market reverses!
Weekly Timeframe:
Fake breakdown
Daily Timeframe:
PI Industries is also showing Bullish Divergence in Daily time frame.
It Broke last swing high, but fail to close above that swing high,
If in coming days, it close above it then it good to go long.
This is because the price does not have enough momentum and the selling interest at this level is not high enough to keep pushing the price in that direction.
Instead, the market reverses!
Weekly Timeframe:
Fake breakdown
Daily Timeframe:
PI Industries is also showing Bullish Divergence in Daily time frame.
It Broke last swing high, but fail to close above that swing high,
If in coming days, it close above it then it good to go long.
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