Potential descending channel for MMED?
The green upward sloping line of support is potentially keeping a bullish flag in play here, but it appears as though downward pressure is indicating there may be a retest of the bottom blue channel where I have the red arrow pointing down.
KEY TAKEAWAYS
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend.
Traders who believe a security is likely to remain within its descending channel can initiate trades when the price fluctuates within its channel trendline boundaries.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side.
KEY TAKEAWAYS
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend.
Traders who believe a security is likely to remain within its descending channel can initiate trades when the price fluctuates within its channel trendline boundaries.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side.
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