On a 15-minute time frame, a breakdown of the rising parallel channel is seen in Sonic Health care which indicates a negative trend. An increase in volume after a breakdown indicates sellers are aggressive and are expecting a downward move in security.

Price is trading below the Fast (9) and Slow (50) Ema which indicates a negative trend, whereas the Fast and Slow EMA is trending in the southern direction which also suggests that the trend is negative.

DI- is trading above DI+ which indicates a negative trend in the security whereas ADX is trading above DI+ indicating strength in the trend.

Falling Parallel Channel Breakdown

Feb 01 2024