MAs are perfectly lined up to support a massive upswing. SKL has explored lows like no other. Enough is enough! A double bottom formation spells positivity. MACD is back up to create the right setup. RSI is poised to move into upswing territory. Buckle up folks! Buckle up!
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The breakout out of this descending channel in the 1D timeframe would follow a massive rally for sure. The target in the mid-term is 1.2.
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We have a confluence of support and few resistance zones left to be taken out! Let's see how the daily candle and the current 12H candle close!
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Still waiting for the breakout. Nice squeeze.
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Right now, we're sliding down in a descending channel, and a breakout upwards could save the day, literally. In case, it descends further the next support area is a green line. Also, the resistance is a red line; however, it is not the only resistance zone we face at the moment. Don't forget the big picture: we're in a falling wedge. Plus, MACD in the 1H timeframe is trying to have a positive cross and the STOCH RSI is trying to turn its nose up, but for now it's a feeble attempt.
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IMHO, SKL is ready to climb. It has taken on EMA50 now. If conquered, an upswing will be in the cards.