ALGM - developing a double bottom

9 Feb

ALGM seems to breakout a 31.36 - 31.42 resistance it tested twice in December, forming a double bottom pattern, what might indicate a reversal of a downtrend it suffered last year. 31.36 is an important .236 retracement level of a major correction wave from the last year, while 31.42 is a full local retracement. Should it hold 31.36-31.42 this week, next target should be 38.18-38.85 per the depth of W and fibo .5 retracement of the major correction.