higher low setting?

From the ATH this has retraced 14% down into a demand zone .

On nov 18 while it was in its 60 price range the company has renewed it's buyback program indicating that they themselves thinks it's undervalued. My previous idea of a channel has been nullified, but I still believe we are overdue for a bounce based on how price action is forming . Their PE ratio is 18~ at a cheaper price their it's competitor's.
Zooming in we can see some bullish divergence on the macd and RSI and on the ADX if we compare the swing low and high we can see some bullish divergence there as well. and it seems to be in the process of forming a double bottom ( not confirmed yet). We can see a downtrendline being broken and had a retest as well.

The main reason why I think this is a good spot si the amount of buyback that is happening today of a whopping 1.225 million shares was bought today by the company. Assuming the average price they bough tit at was about 57.5 then we can say they spent about 70.5 million $ today in share buybacks today. You can do the math yourself if you look at the insider filling as these are ballpark numbers.


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