strong bullish breakout from its long-term downward channel
Updated
✅The stock has been in a downward-sloping channel since October 2022, forming lower highs and lower lows. Recently, the price has broken above the upper boundary of this channel, indicating a potential reversal in trend.
✅There is an increase in volume, especially during the breakout above the upper boundary of the channel. This indicates strong buying interest and supports the potential trend reversal.
✅RSI near upper band and ready to give breakout & MACD histogram shows increasing bullish momentum, with the MACD line crossing above the signal line.
✅The breakout above the downward-sloping channel suggests the end of the long-term downtrend and the start of a new bullish phase.
✅There is an increase in volume, especially during the breakout above the upper boundary of the channel. This indicates strong buying interest and supports the potential trend reversal.
✅RSI near upper band and ready to give breakout & MACD histogram shows increasing bullish momentum, with the MACD line crossing above the signal line.
✅The breakout above the downward-sloping channel suggests the end of the long-term downtrend and the start of a new bullish phase.
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.