The FLOW prices restart the uptrend with a double bottom reversal from the $1.39 mark resulting in a 20% jump exceeding $1.50 to touch the neckline at $1.66. Furthermore, the triple white soldier pattern in the daily chart shows a promising recovery in FLOW market value that will continue in the coming week. However, the recovery rally faces opposition from the 50-day EMA, which may keep the bullish growth in check.
Source - TradingView
The FLOW price shows a long-coming support trend line in the daily chart cushioning multiple downfalls along the way. Recently the support trendline helped the market value contain the 45% fall during August, leading to a double bottom pattern.
The price action projects the possibility of an ascending triangle pattern with the overhead resistance of the $2.15 mark. Furthermore, the increased buying pressure supporting the bullish reversal increases the bulrush breakout possibility. However, the higher price rejection from the 50-day SMA close to the $2.15 mark reflects the possibility of a reversal within the ascending triangle.
The $2.15 mark also acts as the neckline of the double bottom pattern, which may lead to a jump to the $2.67 mark upon a bullish breakout.
Conversely, if the support and line fail to halt the correction phase, a downtrend to the $1.25 mark seems inevitable.
The daily-RSI slope shows no bearish divergence between the dips at the support trend line and exceeds the halfway line as it bounces from the 14-day SMA.
The MACD and signal lines display a bullish crossover as the buying pressure increases, restarting the positive trend in histograms.
Thus, the indicators maintain a bullish point of view for the upcoming trend in the FLOW prices and forecast a bullish breakout.
Resistance Levels - $2.15 and $2.5
Support Levels - $1.80 and $1.50