Last time we were in overbought territory on the daily RSI was 10 months ago.
This has been the largest downtrend in the stock's entire history. Currently trading under a death cross for quite a very long timenow. So why long now?
Not only has it bounced off the major long-term support line (green), it seems to be forming an inverse head and shoulder at the moment which is bullish and signals a trend reversal.
That along with it being in oversold territory for 8 months and finally breaking out and posting a higher high tells we may be at a price range that we may not see for a very long time, if ever.
A few more daily closes will paint a better picture with regards to the possible inverse head & shoulders. In order for this to play out we would have to reach a price of approximately 1.91 so don't panic if we dip first as it is expected. If we continue to post higher lows and highs in this trend then the swing to the upside could in fact be immense in the next year.
Low risk for a potentially very high reward in my opinion. I don't think we're trying to break this support line because if we do then it's going to be a freefall ;)
Please like & share if you found useful. Leave your feedback below and let me know what you think. Cheers, and safe trading!
This has been the largest downtrend in the stock's entire history. Currently trading under a death cross for quite a very long timenow. So why long now?
Not only has it bounced off the major long-term support line (green), it seems to be forming an inverse head and shoulder at the moment which is bullish and signals a trend reversal.
That along with it being in oversold territory for 8 months and finally breaking out and posting a higher high tells we may be at a price range that we may not see for a very long time, if ever.
A few more daily closes will paint a better picture with regards to the possible inverse head & shoulders. In order for this to play out we would have to reach a price of approximately 1.91 so don't panic if we dip first as it is expected. If we continue to post higher lows and highs in this trend then the swing to the upside could in fact be immense in the next year.
Low risk for a potentially very high reward in my opinion. I don't think we're trying to break this support line because if we do then it's going to be a freefall ;)
Please like & share if you found useful. Leave your feedback below and let me know what you think. Cheers, and safe trading!