Strong Weekly Breakout
The stock recently experienced a robust breakout on the weekly chart, with a history of multiple consolidations at the current breakout level. Despite a failed attempt to break resistance in October 2021, last week marked a significant breakthrough. The stock consolidated sufficiently and broke the resistance with a strong bullish candle.
The volumes leading up to the breakout were notable, indicating substantial accumulation before the breakout. This suggests a heightened level of interest and buying activity. Traders and investors often view such well-supported breakouts, especially after a series of consolidations, as compelling indicators of potential sustained upward momentum in the stock.
The volumes leading up to the breakout were notable, indicating substantial accumulation before the breakout. This suggests a heightened level of interest and buying activity. Traders and investors often view such well-supported breakouts, especially after a series of consolidations, as compelling indicators of potential sustained upward momentum in the stock.
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.