Cineworld Group Plc stock (LSE:CINE) is furiously bearish and this is a pain in the bull’s neck. The market has gapped downwards massively. The weakness is expected to continue.
Following the recent ranging movement within the upper and lower Trendlines,
price has gapped below the lower Trendline. At the same time the RSI period 14
has gone into the oversold region.
The market looks extremely oversold.
Now, that does not mean there would be a rally. It means there would be temporary bullish efforts along the way, which would be traps to buyers as well as opportunities for sellers to sell at higher rates.
The outlook on CINE is dismal: the accumulation territories at 3.00, 2.00 and 1.00, would soon be tested.
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