Channel UpPrice has fallen from a Rising Wedge and may have already finished correcting.
Earnings 1-19-23.
The support line of the channel has caught price for now.
The Channel Up pattern is identified when there are two parallel lines, both moving up to the right across respective peaks (upper line) and bottoms (lower line). The lower line is often identified first, as running along the lows: it defines the lower support trendline. The upper line (or, the channel line) is identified as parallel to the trendline, running across the first prominent peak.
Breakouts from the Channel Up can occur in both upward and downward directions and can be a long term pattern. When the price breaks down through the trendline, it might indicate an important, and sometimes a severe change in trend. Breaking up through the channel line, on the contrary, suggests acceleration of the existing trend. Note, however, that just like all the other patterns, channels might be prone to false or premature breakouts (throwbacks), which means that price sometimes retreats back into the channel.
Another strategy of using the Channel Up is to identify where the price fails to reach the upper line. As opposed to breaking through this line, the failure to reach it often signifies trend exhaustion. This could be an early warning that the trend is going to reverse: the breach of the trendline is now more likely to happen.
No recommendation.
EPS (FWD)
10.37
PE (FWD)
28.44
Div Rate (TTM)
-
Short Interest
2.62%
Market Cap
$131.23B
