As illustrated ALGO needs to break out of the strong resistance formed on top of the triangle, whose formation indicates sellers loosing steam for the moment.
This resistance is both a local resistance in the triangle formation and the bottom of the trendline established last month and possible retracement point (the red line).
So long as the price remains above its current ascending support I would say that ALGO is in range for a breakout.
Let's see what happens!
This resistance is both a local resistance in the triangle formation and the bottom of the trendline established last month and possible retracement point (the red line).
So long as the price remains above its current ascending support I would say that ALGO is in range for a breakout.
Let's see what happens!