$ALGO has been consolidating for weeks now, since the mid-september move after hitting 2.50.
The 1.55 area has shown strong support after being tested multiple times in late September. Each time on less and less volume, indicating that selling pressure is waning.
Price is currently bouncing off its 50EMA and the bollinger bands are tightening. I still think we could see one more retest of that 1.55 area but if price breaks its downtrend line then my gut might be wrong.
RSI is peaking above its short term downtrend line and the MACD is a few days away from a crossover.
Keep your eye on this one.
The 1.55 area has shown strong support after being tested multiple times in late September. Each time on less and less volume, indicating that selling pressure is waning.
Price is currently bouncing off its 50EMA and the bollinger bands are tightening. I still think we could see one more retest of that 1.55 area but if price breaks its downtrend line then my gut might be wrong.
RSI is peaking above its short term downtrend line and the MACD is a few days away from a crossover.
Keep your eye on this one.
