The last 2 times it reached the bottom of this channel it formed an equilibrium and then reversed directions. I expect it to first consolidate below this 12-period EMA line as it has done in the past. MACD is about to cross bullish on the 4-hour. Breaking of the RSI resistance level of 44 will help to confirm breakout.
MMEN broke it's multiple week tightening equilibrium and the volume is backing up this move. Check out the bull vs bear volume on the hourly chart. This is a trade I plan to be in for a couple weeks in search of a weekly lower high below $8.20s
Major resistance in the process of being tested at the .786 fib level. If this level becomes support, I will look to see a target at the 0.5 fib level for the medium term.
EMA 12 and 26 are crossing on the 4-hour and the daily is not that far behind.