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180 Life Science Rallies 18%: Technical Levels To Watch

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180 Life Science Rallies 18%: Technical Levels To Watch

180 Life Sciences Corp. (NASDAQ: ATNF) shares rallied Friday, and there was no company evident news to explain the rise in shares.

The stock closed up 18.5% at $6.96.

atnf5min3-26-21.png

180 Life Sciences Short Term Chart Analysis: The 5-minute chart above shows the stock has two potentially key levels.

The $7 level and the $10 level are both key levels. The $10 level has previously held as resistance. The stock has struggled to get over this price level and it may hold as resistance in the future.

The $7 level has previously held as resistance before the price was able to break above. Since then, the $7 level has held as support and looks to potentially hold again in the future.

The stock is trading above the 200-day moving average (blue) and below the volume weighted average price (pink), indicating the stock may be consolidating for a time before the stock could see a strong move to one side.

atnfdaily3-26-21.png

180 Life Sciences Daily Chart Analysis: The daily chart above shows the stock may have recently broken out of what technical traders call an “ascending triangle” pattern.

Higher lows built up to a resistance level near $7 before the stock broke above the level. Now, the stock may need to consolidate above this level to see higher moves. As a previous resistance level, this $7 area may now hold as support.

The stock previously has shown resistance near the $11 level. This area may hold as resistance in the future.

What's Next: Bulls would like to see the stock consolidate above the $7 level and build higher lows up to the resistance level of $11. Eventually, bulls would like to see the stock cross above the $11 and consolidate before it may see further upwards moves.

Bears would like to see the stock fall below the $7 support level and consolidate before the price may see further downwards moves.

 

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