Dixie Trend Line Test
Dixie Brands is testing the upper line of a falling wedge pattern while moving upward within an uptrend channel. As a sign of strength, price needs to continue to hold above the falling wedge and eventually break above short-term resistance at $0.24 in order for price to see upward continuation and be considered bullish. A failure in price to move above resistance will likely lead to a re-test of support at $0.18; a move below $0.18 would indicate that price has lost upward momentum and is at risk of heading lower.
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