Crucial test for the IP uptrend
Share Price is in a crucial area. Note the horizontal orange line from the April high. SP is currently underneath this and coiling. But support is holding for now and may be consolidating. Larger market dynamics are in play as well.
There was a brief touch above July 16th which did not hold. Now that is our major resistance zone. A breach of that take the SP into the area of the gap in early June. That gap will also be strong resistance
On the daily Chart MACD is now 6 days into a bullish trend and is still rising. RSI a very moderate 56 and rising slowly.
The largest test will be the heavy white line down from the high in 2018. Its possible this whole uptrend is a big bear flag. A convincing break of that line will confirm a real bull trend and will require fundamental confirmation from earnings & company financials.
There was a brief touch above July 16th which did not hold. Now that is our major resistance zone. A breach of that take the SP into the area of the gap in early June. That gap will also be strong resistance
On the daily Chart MACD is now 6 days into a bullish trend and is still rising. RSI a very moderate 56 and rising slowly.
The largest test will be the heavy white line down from the high in 2018. Its possible this whole uptrend is a big bear flag. A convincing break of that line will confirm a real bull trend and will require fundamental confirmation from earnings & company financials.
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