A classic bottoming in process with SPRD.
- Initial down trend is broken
- The low is back-tested
- Positive MACD divergence on lower low
An icing on the cake is the exhaustive volume at the lower low. We're now waiting for the high of the initial break-out bounce to be tested for longer term reversal confirmation. Currently, price is at a confluence of resistance: the horizontal resistance and the projected down channel line. Also, the fact that we had a lower low suggests that this bounce should be two-legged, meaning we could have a down before going back up.
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