180 Life Science Corp Nears Key Levels And Could Breakout Soon

180 Life Sciences Corp ATNF shares are trading higher Monday after the company announced it regained compliance with the Nasdaq.

The company was notified Jan. 6 it did not meet the listing requirements for the Nasdaq. The company then provided reasoning why it should regain compliance and it did.

180 Life Sciences was up 10.90% at $10.92 at last check Monday afternoon. 

180 Life Sciences Daily Chart Analysis

• Shares look to be forming into what technical traders call an ascending triangle pattern.

• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock is bullish.

• Each of these moving averages may hold as an area of support in the future.

Key 180 Life Sciences Levels To Watch

• The ascending triangle pattern looks to be forming still and could possibly see a breakout within the coming weeks.

• The $12 level has held as resistance in the past, the higher low trendline has built up to this level and now the stock is looking to see a breakout above this level.

• The Relative Strength Index (RSI) has been rising throughout the last week. The RSI now sits at 57, meaning there are more buyers in the stock than there are sellers.

What’s Next For 180 Life Sciences?

Bullish traders would like to see the stock continue to trade in the ascending triangle pattern before breaking above resistance and moving higher. Bulls would then like to see the stock consolidate above previous resistance before another potential push higher.

Bearish traders would like to see the stock fall below the higher low trendline. If the stock could hold the higher low trendline as resistance then the stock could be ready to see a bearish push. Bears would also like to see the stock fall below the moving averages for a potential change in sentiment and a possible trend change.