As we know, it’s usually a bearish chart pattern that is created by drawing one trendline that connects a series of lower highs and a second trendline that has historically proven to be a strong level of support.
But now, stock price is trying to break the upper trendline. Be careful if this breakout is confirmed, because stock price can rise… The upper trendline matches with 23,6% Fibonacci ratio of the drop since December, so it can be a tough level to be broken.
We will watch for a move over resistance level, although this pattern usually is broken below support level.
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