Breakout Spotted! A Potential Turning Point.
By using trend analysis alone, we can see that today's raise in price as a potential breakout (dotted red line). However, there's also chances the breakout is false breakout, created by big players.
To avoid fall into a fake breakout trap, the support line indicates that if the price dropped below the support line, it is time to sell. On the other hand, the resistance line shows the potential maximum level at this current status.
In short term, set the selling price below resistance level for quick profit. In a midterm, as long the price level did not fall below the blue arrow, this stock is considered as an uptrend.
To avoid fall into a fake breakout trap, the support line indicates that if the price dropped below the support line, it is time to sell. On the other hand, the resistance line shows the potential maximum level at this current status.
In short term, set the selling price below resistance level for quick profit. In a midterm, as long the price level did not fall below the blue arrow, this stock is considered as an uptrend.
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