Looks like I found another possible sideways channel where I can trade sideways and take advantage of the ping pong effect.
The support line being at around $22.0 and the Resistance line being at $26.20.
From Nov 13 to Jan 3rd, it tried to penetrate the 50 MA. It successfully did but was only stopped by the $26.20 resistance line.
Now it is doing the same thing for Jan 9th to Feb 15. It tried to penetrate the 50 MA and it did on the 16th of Feb. It is on its way to
to hitting the resistance line. 20 EMA just crossed over the 40 EMA. MACD is on a bullish momentum.
The support line being at around $22.0 and the Resistance line being at $26.20.
From Nov 13 to Jan 3rd, it tried to penetrate the 50 MA. It successfully did but was only stopped by the $26.20 resistance line.
Now it is doing the same thing for Jan 9th to Feb 15. It tried to penetrate the 50 MA and it did on the 16th of Feb. It is on its way to
to hitting the resistance line. 20 EMA just crossed over the 40 EMA. MACD is on a bullish momentum.
Comment:
It tried to penetrate through the $26.20 line. Now will it hit the bottom channel or bounce of the 50 MA in order to try to penetrate the upper channel resistance again?