Long
Breakout of down trend
Hello Traders,
MMED has broken out from a recent steady downtrend. The upside breakout occurred one day after a news announcement (new potential pipeline and phase 1 testing). Note that the down trend was losing steam from a volume perspective, which in my opinion is the second best indicator after price action (it's unfortunate forex does not have accurate volume information!). The reversal point also has ratio confluence and some minor structure tests.
Thanks,
PS
MMED has broken out from a recent steady downtrend. The upside breakout occurred one day after a news announcement (new potential pipeline and phase 1 testing). Note that the down trend was losing steam from a volume perspective, which in my opinion is the second best indicator after price action (it's unfortunate forex does not have accurate volume information!). The reversal point also has ratio confluence and some minor structure tests.
Thanks,
PS
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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.