- $CONL is summing at a critical resistance of $17.00.
- $MARA remains under pressure at $12.53, with possible breakout.
- A breakout above 17.00 or 12.00 would yield a major move.
$CONL and MRA are two of the most popular stocks in a diversified market, and both of them are heading in different consolidating patterns. $CONL depicted its price hovering around $17.20. The stock is trying to move within a downward bearish trend, hence pushing prices lower from its previous highs, as can be seen in the chart. On the other hand, $MARA is also in a descending channel but approaching its price near $12.53. Both stocks are tied up tightly, and this closing pattern suggests that they are almost due for a breakout-simply put, upward or downward. The question arises: which way will they go once the breakout takes place?
$CONL: The Tightening Channel Signals a Potential Move
A clear descending channel pattern is emerging on $CONL. Most recently, prices reached $17.20, a significant level to watch. In the past year, $CONL has fluctuated in a range of $21.00 to $17.00, now narrowing toward the lower trendline.
The consolidation seen here could soon come to an end, likely resulting in a sharp move either direction. A breakout above $21.00 would indicate bullishness, and the stock is likely to be tested at higher levels. On the other side, a break down would send $CONL into a new support zone where testing of prices as low as around $12.00 is possible. Traders should be on alert as the price goes more towards the apex of the triangle, suggesting that a move will take place soon.
$MARA: The Pressure Builds for a Key Breakout
$MARA, on the other hand, is a different but equal important scenario for the investor. The major stock at $12.53 does test the lower areas for its own descending channel. Like $CONL, it has been trading within bounds of $13.00 and $17.00. Quite the pressure is built as it approaches the lower line of that trend because it is nearing the lower trend line. If it clears $17.00, then expect a heavy charge for the stock as it tries to double into even higher resistances. A breakdown beneath $12.00, however, implies even much more below.
Both of these stocks are waiting to set up into giant moves. $CONL and $MARA are almost done with their consolidation phases, with the next few weeks poised to create spikes of volatility. The stocks are tightly coiled in descending channels, and once the breakout occurs, it could lead to major price movements. Traders should keep an eye on the key levels of $ 17.00 for $CONL and $12.00 for $MARA. An upward movement could come based on this breakout above key levels, and a downward movement presentation could lead to a bearish move.
