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Fan Yang

Sunworks (SUNW) Inc. in a Bearish Continuation Breakout from Consolidation Range

Sunworks $SUNW is signaling further downside after a year in consolidation mode. The daily chart shows price break below the year-long consolidation range.

SUNW Daily Chart

(click to enlarge)

Bears in Charge:
- There was a bullish attempt in May that was rejected when price came up to $1.30. After that, price has held under the 200-day simple moving average (SMA).
- Now, we have price breaking the common support around $0.89. 
- If we get a pullback, we should monitor $1.00 for resistance.
- If the market is in bearish continuation, it should find sellers around $1.00.
- The next support pivot is around $0.68-$0.70 area. 
- At this point, only a break back above $1.10 would threaten the bearish outlook.