Can KLXE’s Volume Spike initiate breakout?

Since May 2019, KLX Energy Services Holdings Inc (KLXE) has suffered a relentless decline, which saw prices fall to $2.55 by early April of this year. Throughout 2020 prices have ebbed and flowed reaching $17.49 on the 9th of June, which marked the top for this year so far. Since then prices have tumbled back to the $3 handle, creating a nice multi-month bottoming pattern.

Yesterday’s volume spike helped prices surpass the 20 period daily moving average, and knife through the falling wedge resistance line at (1), which could be the precursor for further upside for the mid to long term.