IOT: substantial bullish macro potentialMacro structure shows substantial bullish potential. Price has successfully retested the 2021 ATH area, reacted with a constructive-looking recovery, and is potentially forming a higher low on the weekly timeframe.
A successful breakout and follow-through above the May ’24 highs would increase the probability of a new mid- to long-term uptrend developing, with the next key resistance levels at 70 and 100.
Failure to confirm a breakout above 42—or alternatively, a breakdown below the 50-day MA—would shift the odds toward a deeper correction into the 30-25 macro support zone.
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