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Ascending Channel

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Ascending Channel
An upward moving channel formed with two parallel, upward sloping trendlines. The upper trendline connects a stock's highs over a period, with each subsequent high price higher than the previous. Conversely, the lower trendline connects the stock's lows, with each subsequent low price higher than the previous.

Notes:
As a general rule of thumb, the failure of any move within an established price channel to reach one side of the channel usually indicates that the trend is shifting and increases the likelihood that the other side of the channel will be broken. Thus, the clearing of the upper trendline could indicate an accelerating (upward) trend and the clearing of the lower trendline could indicate a decelerating (upward) trend.


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Technically speaking, WM is currently rebounding off the lower range of an ascending channel bounded by the stock's rising 20-month moving average in the 39 area.
Here we can see a steady uptrend that has generally found support at the 20-week moving average and an ascending channel.
This updated weekly chart shows us that EBAY pushed in the upper rail of the ascending channel but failed to penetrate it.
 
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