For just over a year XRAY has been trying to break through the 2007 resistance of $47.84. During this time a double bottom chart pattern formed on the weekly chart - which can be a strong indication of a continuation of the previous up trend.
Since breaking through the $50 resistance zone in early November, price has retraced to test this line (with resistance becoming support) and an early opportunity to buy soon followed. This may have been too early for longer-term trend traders but the next set-up to enter should be considered.
Since breaking through the $50 resistance zone in early November, price has retraced to test this line (with resistance becoming support) and an early opportunity to buy soon followed. This may have been too early for longer-term trend traders but the next set-up to enter should be considered.