ASTS trends structure analysis

Price has followed through with the upside potential outlined in the September update and has come close to resistance zone (115–130), where at least a mid-term top formation might be expected.

With momentum leaders losing strength recently, price could already be forming the first leg down within a larger degree topping structure. However, as long as price remains above 74 and the 21dEMA, the potential for a direct test of the macro resistance zone cannot be ruled out.

A break below 74 and the 21dEMA would likely confirm the top and increase the odds of a deeper pullback toward July highs and lower levels.

Chart:


Previously:
• On upside potential (Sep 22):
Chart:
https://www.tradingview.com/symbols/NASDAQ-ASTS/minds/?mind=gwLV4UKTSC2aqdPIkUYXDg

• On bottoming action potential (Sep 9):
Chart:
https://www.tradingview.com/symbols/NASDAQ-ASTS/minds/?mind=GLayLldxSCiQAB5cLOO0Cg

• On resistance (Aug 25):
Chart:
https://www.tradingview.com/symbols/NASDAQ-ASTS/minds/?mind=sdIGVez8SiW63op10mPaMg

• On mid-term support (Aug 18):
Chart:
https://www.tradingview.com/symbols/NASDAQ-ASTS/minds/?mind=fIq5oL8RSa2nZapAMgi7xQ

• On bounce setup (Aug 7):
Chart:
https://www.tradingview.com/symbols/NASDAQ-ASTS/minds/?mind=xe5IZbdcQgiRwPezmSua-Q

• On mid-term resistance (Jul 21):
Chart:
https://www.tradingview.com/symbols/NASDAQ-ASTS/minds/?mind=yFfB_9CTT0qPqLGRKQVPpw