Possibly a descending triangle as well, but with the Long Beach facility license imminent I'm strongly leaning towards a bullish outcome.
The RSI looks like it recently made a Triple Bottom.
Only time will tell.
The RSI looks like it recently made a Triple Bottom.
Only time will tell.
Comment:
Same chart but updated.
Comment:
The bullish pattern is growing in structure which will result in a greater breakout to either the upside or downside.
Key Takeaways
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears).
A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance.
The formation of triple bottom is seen as an opportunity to enter a bullish position.
There are a few rules that are commonly used to qualify triple bottoms:
There should be an existing downtrend in place before the pattern occurs.
The three lows should be roughly equal in price and spaced out from each other. While the price doesn't have to be exactly equal, it should be reasonably close to the same price, such that a trendline is horizontal.
The volume should drop throughout the pattern in a sign that bears are losing strength, while bullish volume should increase as the price breaks through the final resistance.