Telit Communications drops like a stone

Telit Communications stock (LSE:TCM) has dropped like a stone, moving seriously lower, following a gap-down that was seen early this week.

4 EMAs are used for the strategy and they are EMAs 10, 20, 50 and 200. The colour that stands for each EMA is shown at the top left part of the chart.

All the EMAs are sloping downwards, with price far below the EMA 10. It should also be noted that the market has already gone below the EMA 200 (a Death Cross). This is a bearish market.

Telit Communications would continue to journey downwards, while occasional upward bounces would be ignored.

 

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