Channel Down Bullish Breakout

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This long and sustained descending channel has attracted us and it looks breakout is in a clear play here. It depends on how you measure the descending channel in order to measure the expected price move above the primary descending trend line by using the duration of the channel, and the width of the channel. Here we have a measured move of 34% from yesterday's close price that means price can easily hit $51 area next few months if not weeks with stop loss at today's low. Expect a minor pullback which may trap many sellers to believe that price will penetrate or trade back to the descending channel .

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