FSLR Ready to Break Support?

Here we are looking at FSLR on the Daily TF…

As you can see, FSLR has been trading within an ascending parallel channel, with clear upwards sloping support and resistance. It has been trading within this rising channel since October of 2022, but I am expecting a breakdown from this structure in the coming days.

Ascending channels (as such) are bearish in their nature, thus, I expect for this channel to break to the downside soon. Additionally, the more something tests a zone (support OR resistance), the more likely it becomes for it to eventually break that zone.

As you can see, FSLR has tested support 4 times now, and is currently attempting to break down again. If it can’t hold this support, I find it likely that a move to the horizontal line will occur.

I will continue to monitor this chart, and update you if there are any significant developments.

What do you think will happen for FSLR? Let me know in the comments!

Cheers!