Reef - Bull flag - 200%On the above 1 day chart price action has corrected 60% since early April. A number of reasons now invite a long position. They include:
1) Price action and RSI resistance breakouts.
2) Price action confirms support on past resistance. Once the horizontal 2nd the diagonal.
3) The flag. The breakout is clear to see with the flagpole extension measuring a 200% target area. Remember targets do not equal market tops.
Is it possible price action continues to correct? Sure.
Is it probable? No.
Ww
Type: Trade
Risk: <= 3%
Timeframe for long: days
Return: 200%