FIL Technical Analysis: FIL Prices Prepares Triangle Breakout 

Key technical points:

Past Performance of FIL

The FIL price chart showcases a downtrend under the influence of a resistance trendline leading to a descending triangle pattern. The bearish pattern accounts for a 45% downfall to the $4.98 mark. The supporting base of the triangle pattern pushes the price higher back to the resistance trendline with a jump in trading volume. The reversal inflates the market value by 25%, increasing the likelihood of a bullish breakout.

Source- Tradingview

FIL Technical Analysis 

FIL price action bullish candle formation with no significant higher price rejection and sustains above the $6 mark. Hence, traders can find a bullish entry spot if the daily candle closes above the resistance trendline. The DMI indicator suggests an increased likelihood of a crossover between bullish and bearish in the DI lines as the bearish spread shrinks. Furthermore, the ADX line indicates a weakening in the bearish direction, which points to the likelihood of trend reversal.

The RSI indicator indicates an upward trend higher than its 14-day SMA (yellow) and the halfway line. Thus, the indicator shows an increase in overall bullish support, which could lead to a price jump to $100. The MACD and signal lines are back in the positive alignment and are ready to break above the zero line, thereby sabotaging the last bearish crossovers. Thus, the indicator indicates an increase in buying pressure. In a nutshell, the FIL price action forecasts a breakout rally reaching the $7.5 mark.

Upcoming Trend

So if the increase in demand for FIL drives the market prices above the resistance trendline, the market value will skyrocket to the $7.50 mark.

Resistance Levels: $7 and $7.5

Support Levels: $6 and $5