A descending channel/wedge has been observed on the daily frame extending for months. The price recently formed a rising bottom above the demand zone of $2.16–$2.41 and is currently trading below the descending trendline and near the 200D moving average (which is around $2.8–$3.0). Any strong close above the channel will be an early signal for a change in trend.
Monitoring areas:
Immediate support: $2.41 then $2.16 — breaking them returns to $1.92.
Gradual resistances: $2.58 → $2.95 (pivot/repositioning area) → $3.58 → $4.33 → $5.65.
The positive scenario (most likely if the conditions are confirmed):
Stability above $2.58 then a breakout and daily close above the trendline + $2.95 with improved trading volumes ⇒ initially targets $3.58, and with continued momentum, the move may extend to $4.33 then $5.65 in stages.
Any first bounce after the breakout may retest around $2.95 before resuming the upward trend.
The negative scenario:
Failure to break out and a return to a daily close below $2.41 opens the way to $2.16, and breaking it sets $1.92 as the final support within the pattern.
Summary:
FIL is consolidating above a clear demand zone and approaching a double decision point (descending trendline + MA200). Monitoring price behavior around $2.58–$2.95 will be critical to confirm a medium-term reversal or the continuation of the downward path.