I posted the chart analysis in my earlier tweet for the near-term outlook. For the long term, there is a chance that we are seeing the cup and handle pattern forming. The MCAD, RSI, and William R% indicators are all still in an uptrend.
Now, someone might say, "Bro, cup and handle patterns are continuation patterns that happen on uptrends." Well, you'd be surprised how many charts that formed cup and handle bottoms indicated a trend reversal. I suggest you look at many software and security stocks.
The neckline for the cup and handle is in the $12 area. If the stock closes above $12 with heavy trading volume, the price could reach as high as $18, with $14 and $16 being significant resistances.
The pattern invalidates if the stock closes below $6.50.
As I said, this is the long-term chart. I will keep updating the short-term chart as things progress.
Follow me for more chart analysis.
Now, someone might say, "Bro, cup and handle patterns are continuation patterns that happen on uptrends." Well, you'd be surprised how many charts that formed cup and handle bottoms indicated a trend reversal. I suggest you look at many software and security stocks.
The neckline for the cup and handle is in the $12 area. If the stock closes above $12 with heavy trading volume, the price could reach as high as $18, with $14 and $16 being significant resistances.
The pattern invalidates if the stock closes below $6.50.
As I said, this is the long-term chart. I will keep updating the short-term chart as things progress.
Follow me for more chart analysis.
