Bound by a lower and upper trendline, the price channel is a continuation pattern that either slopes up or down as the price action is being maintained within established and sloping resistance and support lines. A negative or downwardly sloping channel is considered bearish while a positive or upwardly sloping channel is comparatively bullish. In this instance, traders will wait to buy when the price action touches support as a rebound is expected. Conversely, sellers will take a sell position after a touch of resistance.