TKO is poised for a major multi-year breakthrough!Weekly Chart
The 100 level has shown to be a significant resistance point for the stock, as it faced multiple rejections at this level.
Following these rejections, the stock entered a significant consolidation phase, which led to the formation of a Symmetrical Triangle pattern.
After breaking out of this formation, the stock price soared, reaching a peak around the 117 level before experiencing a decline.
However, the stock found support at the 200 WEMA and rebounded from that level..
At present, the stock is lingering near the resistance zone, and with an increase in trading volume, there is a strong expectation that it will achieve a breakout this time around.
The appearance of an Inverted Head & Shoulders pattern on the weekly chart indicates a bullish sentiment.
Daily Chart
The daily chart shows that after being rejected near the 117 level, the stock fell but then reversed by breaking above the double bottom pattern.
Since then, the stock has maintained its upward trend and is now close to a major breakout.
The rising volume indicates that the price is preparing for an upward move.
