Fossil Group (NASDAQ: FOSL) Forming a Descending Wedge Pattern
FOSL has been in a downtrend since June 2021, when it reached a 52-week high of $6.08. The stock has formed a descending wedge pattern, which is a bullish reversal pattern that indicates a possible breakout to the upside.
The stock has recently crossed above the resistance line of the wedge, which is a positive sign of a trend change. The stock has also formed a golden cross, which is another bullish signal that occurs when the 50-day moving average crosses above the 200-day moving average. The stock is now trading above both the moving averages, which are acting as support levels.
The stock has recently crossed above the resistance line of the wedge, which is a positive sign of a trend change. The stock has also formed a golden cross, which is another bullish signal that occurs when the 50-day moving average crosses above the 200-day moving average. The stock is now trading above both the moving averages, which are acting as support levels.
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