FIL Technical Analysis: Trendline Breakout Rally Reaches $7
Table of contents
Key Technical Points:
Past Performance of FIL
As mentioned in our previous analysis, the FIL price action breaks the long-coming resistance trend line as the overall market conditions improve after reversing from the $5 mark. With the morning star pattern at the $5 mark, the bullish reversal breaks the resistance trendline and the 50-day average line to reach the $7 mark. The bullish reversal accounts for a price jump of 36% in the last week and forms a substantial bullish engulfing candle with the 18% today.
Source - Tradingview
FIL Technical Analysis
The bullish trend momentum increases with the breakout rally reaching the $7 mark. Moreover, the increase in intraday trading volume supports the bullish breakout rally. Thus, increasing the likelihood of an uptrend continuation above $7.
The bull run exceeds the 50-day average line and approaches the 100-day SMA as the next uptrend target at $8.
The phenomenal increase in market value displays an increase in the underlying bullishness. It is evident by the reversal in the daily RSI slope reaching the 70% boundary.
The MACD indicator supports the bullish team as buying pressure increases, evident by the new bull cycle in the MACD histograms. Moreover, the fast and slow lines avoid a bearish crossover after the recent mojo and prepare the cross above the zero line.
In a nutshell, the FIL technical analysis displays a stronger bullish side as the trapped underlying bullishness breaks out of the resistance trendline.
Upcoming Trend
If the FIL prices manage to close the daily candle above the $7 mark, the uptrend continuation will likely reach the $9 mark.
Conversely, if the daily candle fails to close above the $7 mark, a retracement will likely retest the 50-day SMA.
Resistance Levels: $7.33 and $9.15
Support Levels: $6 and $5