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The name has formed a 'bullish reversal pattern.'
At the very end of December, the shorter of the two downtrend lines was violated suggesting a possible reversal at hand.
Our analogy of the markets being 'akin to dry wood waiting for a spark' last Friday was prescient.
When the crowd becomes excessively bearish as insiders gobble up stock, it is usually coincident with a market bottom.
Breadth needs improvement and some downtrends remain intact, but the charts indicate the indices can push higher near term.
There is a host of data suggesting an important buying opportunity may be at hand.
Bullish market psychology is being counterbalanced by charts trends.