Recently, price has pulled back toward this long-term trendline, giving what looks like a discounted entry compared to recent highs. From a risk-to-reward perspective, this area becomes especially interesting because the trendline provides a clear level to manage risk.
If this is one of your favorite stock, this is a level you should be paying close attention to over the next couple of weeks. As long as the price continues to respect this trendline, the structure remains intact and the setup stays attractive. A strong reaction from this level could lead to another leg higher, while a break would signal a change in trend worth reassessing.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
