DXCM breaking out of 4 month consolidation
DXCM has been in consolidation over the past year and within that it's been forming a smaller range since Feb of 2021.
The smaller range has broken out with a lot of buying pressure and is now testing the broken resistance as support.
Three things make this breakout significant.
1. It broke out with a lot of volume
2. It's retesting the broken resistance of $423.40 and is indicating that there's demand for this company at this level
3. It's also using the 10 EMA as support
These confluences indicate that DXCM is positioned to go higher in the coming weeks and months.
Looking at the weekly or even the monthly chart you can see that there's a clear up trend.
Next stop is the all-time-highs at $456.23!
Final Notes:
* Clear long term up trend
* Broke out of smaller range with a lot of buying pressure
* Using multiple confluences to build a solid support.
The smaller range has broken out with a lot of buying pressure and is now testing the broken resistance as support.
Three things make this breakout significant.
1. It broke out with a lot of volume
2. It's retesting the broken resistance of $423.40 and is indicating that there's demand for this company at this level
3. It's also using the 10 EMA as support
These confluences indicate that DXCM is positioned to go higher in the coming weeks and months.
Looking at the weekly or even the monthly chart you can see that there's a clear up trend.
Next stop is the all-time-highs at $456.23!
Final Notes:
* Clear long term up trend
* Broke out of smaller range with a lot of buying pressure
* Using multiple confluences to build a solid support.
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