The massive downturn in Ocuphire caused the stock to negate an uptrend it had been trading in since April 3, when it broke up from a long period of sideways consolidation.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods.
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The Ocuphire Chart: Ocuphire negated its downtrend by making a lower low under the April 14 higher low of $5.01. For a new downtrend to confirm, Ocuphire will need to eventually bounce up to print a lower high under $6.50.
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