With Friday’s spike to $1.82, Uniti is set to test its all-time high of $1.84 (set back in June 2019). Now seems a good time to bring out a weekly chart, which shows a longstanding resistance zone around $1.75-$1.85.[1]
This zone has been tested a half-dozen times in UWL's history (see yellow dots). In one promising sign, last week was the first time it closed inside the zone.March’s Corona bounce[2] set the platform for an all-time test in June, but it ended in rejection. From that point, a consolidation led to a downtrend that didn’t halt until November.[3]
November’s bounce was roughly 40% higher than the Corona bounce, giving some sense of support to long-term holders.
Depending on where one sets their lines, weekly price action (since the November bounce) might resemble a breakout from a bull flag (or pennant), but I won't draw that.
In any case - and following recent announcements - it's now time for Uniti to test its all-time high. Will it break through in time for Christmas?
With Friday’s spike to $1.82, Uniti is set to test its all-time...
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