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🔥$EOLS Fighting #Resistance 🔥 ————— Chart reference: 30 minute - each candlestick represents 30 minutes. ————— Since Thursday, September 2nd, Evolus, Inc has been in a downtrend. The pattern that has been formed has been a bearish channel. A #channel is when the price stays within, well, a channel. It results in lower highs and lower lows until the channel can break out __________ Beginning this week, the price began to “ride” the top portion of the channel, indicating the pressure building to potentially break out. Also, the lows began to level out and form more of a base. Lastly, #volume has significantly decreased - indicating the weakening of the overall trend. ————— Today, the price finally broke out of the channel. Now is the time to see if the reversal I’ve been hoping for will start. The next level of resistance has already been met by the 50 simple moving average. If this level of resistance can be championed, price continues to hold, and volume increases, we may see the #reversal . ————— If reversal is confirmed, we head back to the 200 day simple moving average. ————— This is not advice to invest. This is a demonstration of patterns using technical analysis. #learningandearning #investingforbeginners #learningaboutstocks
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