Trend Channel Breakout Opens Path Higher

Following the reclaim of the 200-day moving average, last week’s high was exceeded as noted above, and that was followed by a rise above the upper boundary of a rising trend channel. That upper boundary area may see resistance and stall the ascent but if support is confirmed near the 200-day moving average and followed by strength, a continuation higher to challenge last month’s peak of $3.317 could occur.

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