Plus500 Drops Like a Stone

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Plus500 stock (LSE:PLUS) has dropped like a stone following several months of consolidation phase. What is in the market is essentially a breakout in the favor of the bears, and the bias may continue as the price drops further south.

The recent consolidation phase made the price move primarily between the Trendlines: a serious break upwards or downwards would signal a great movement in the favor of the bulls or the bears. In the end, the price broke downwards below the lower Trendline. The RSI period 14 also dropped below the level 50, into the oversold region.

While there may be occasional northwards bounces in the market, the strong downtrend is expected to continue within the next several months.

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