$SE has now tested the bottom red line 6 times now and has bounced each time but unfortunately continues to make lower highs and hitting the red diagonal line as shown, so this is a resistance trend line that the bulls needs to break above and hold in order to stop this cycle.
The line is exactly at $40 now, so a break and hold above this level is needed from the bulls....otherwise another rejection may happen and it is back down to the bottom red line again for a 7th test.