Orthodontics equipment producer Align Technology (ALGN) remains in the Green Favored Zone of the SIA S&P 500 Index Report, where it has been holding since moving up from the Red Zone back in April-May. Yesterday it moved up 9 spots to 20th place.
Align Technology (ALGN) shares have already broken out of a long-term downtrend and are currently bumping up against the $300.00 round number where a breakout would complete a bullish Ascending Triangle base pattern and confirm the start of a new uptrend. Should that occur, next potential upside resistance tests on trend may appear at previous resistance near $335.00, then the $350.00 and $400.00 round numbers, with the latter coinciding with the previous peak. Underlying uptrend support appears near $275.00.
Since bottoming out in March, Align Technology (ALGN) shares have been steadily recovering with higher lows on trend and a series of bullish Double Top breakouts indicating renewed accumulation. Last month, the shares snapped out of a long-term downtrend and yesterday they rallied to their highest level since January near $300.00. Next potential upside resistance tests appear at a previous low near $314.60, then $347.35 where prior support/resistance and a horizontal count converge, and $400.00 where a previous high, round number and vertical count cluster. Initial support appears near $273.90 based on a 3-box reversal.
With a bullish SMAX score of 9, ALGN is exhibiting near-term strength against the asset classes.
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