APT: Bullish PennantTrade setup : Price broke above 200-day moving average, which confirmed a bullish trend reversal to an Uptrend. However, price got overbought (RSI ~ 75) just as it reached $8.00 resistance and pulled back on profit taking by traders. Now it’s consolidating in a Bullish Pennant pattern. If it breaks above $7.15, it could signal resumption of uptrend with upside potential to $8.00 or even $10.00. If it breaks below 200-day MA, it could revisit $5.40 support.
Pattern : Bullish Pennant - forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend : Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is $5.40 (previous resistance), then $4.70. The nearest Resistance Zone is $8.00, then $10.00.