QNT broke out of downward channel around $70 and flipped resistance to support. It has since been moving up in a newly formed upward channel. It tested the bottom of the channel at $100. We are approaching a retest of the bottom of the channel with either continued sideways action or a drop toward $150. If channel support is broken, a move toward mid-$80s is likely. If channel support holds, QNT will continue gradual move up toward $230. It will likely face resistance in the $230-$250 range. If QNT breaks $250, this will likely act as strong support as QNT moves back toward ATH.
This is my first chart and I have no idea what I’m doing. This is not financial advice.
This is my first chart and I have no idea what I’m doing. This is not financial advice.
Comment:
RSI seems to indicate there is room for move-up. It's my personal opinion that we will see a retest of channel and see a successful bounce up toward $190 resistance. This puts QNT in the position of retesting channel bottom again. I think if we see a channel break toward mid-$80s, this is where it will happen.