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XiaoMi is showing signs of rebounding off the downward channel, upper band support at around current level.

MACD has started to taper off its downward slope and showing sign of turning higher towards its baseline.

RSI has turned up at 33.

First level of resistance if it price rebounds stands around $22.80 to $23.00. If this level is broken, it will be breaking its downtrend established since the start of 2021.

My Take:

I will start accumulating at current level. Fundamentally, the company is trying to establish an ecosystem for its clientele for home appliances. This gives the company an advantage in terms of competition.

Note:

Xiaomi is reporting results this coming Monday 15th of November 2021. As such, volatility is expected.