The downward-sloping support line began to form seven weeks ago, when the SP was about a dollar higher than now.
Downward-sloping pennants sometimes end with an upwards breakout. Or the pennant could just fizzle out, with the support line continuing to hold firm. Or, the support line could break, just like all the other support lines that have gone before.
The most interesting thing about this chart is that there doesn't seem to be any strong technical reason to sell atm, unless the current support line collapses. The SP seems to be playing a waiting game now, maybe slowly sinking while waiting for something fundamental to happen.
NEU Price at posting:
$12.55 Sentiment: Hold Disclosure: Held
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