A technical look at the stock
declined from US$15.59 in September, 2016, to US$3.42 in February, 2018, and then settled in a bullish, multiyear technical pattern known as an Inverse Head-and-Shoulders . The recent rise above the neckline of this formation signalled a breakout and brought the stock to US$9.87 . At that point the stock became quite extended and it pulled back to find support toward its average, currently near US$6 . The former level of resistance at the neckline has become support.
Behaviour indicators including the rising 40wMA confirm the bullish status. A sustained rise above ±US$7.50 would suggest the resumption of the uptrend.Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication
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