I had this chart with these trendlines since 2023, I traded it with great profit, then forgot about it for most of 2024 up until today.
Here you can see the monthly chart, which has some positives and some negatives. Let’s start with the negative which is the fact that price violated fiercly the support (huge bearish strength) and landed to a new support which is the same trendline but lower with the same depth (blue vertical lines that have same height).
Now the good: below the price you can see that both RSI and MACD have a bullish divergence which usualy means that price is overdone compared to the lesser strength of the bearish movement, and therefore a soon to start bullish bounce can materialize.
However at this time is difficult to say that a new bullish long term trend will matrialize, I believe that we can just safely assume a bounce might be materiliazing as the risk of seeing this support violated too (after the bounce) is quite high.
Ultimately the last support is at 21,5 (horizontal blue line) which.. call me pessimistic, I believe it will be touched before a true new bullish trend will resume. First duable target for the bounce could be 38 to 40 usd. I hope this could be of help.
it is important to note that the volume explosion on this current price. We could be witnessing a Capitulation, which confirms the potential bounce in the making.
On volume, and indicators, we are at a very similar situation as march 2020 (see the chart attached on 2020) which indeed didn’t produce a new ATH but just a wide bounce. I don’t think the stock will be that generous this time… but a bit, yes
