oftenbach

CGLDUSD/CELOUSD: Slow and steady progress--revised forecast

Long
COINBASE:CGLDUSD   CGLD/USD
COINBASE:CGLDUSD BINANCE:CELOUSDT

A more conservative idea to temper the giddy one I posted yesterday: the first of three vertical green bars painted on 30 August may be conceived as the start of a support trendline that's since manifested into the bottom of what appears to be a bullish flag formation.

If so, adding the difference between CGLD's/CELO's open and closing price at the time of its initial breakout--≈ 4.382 and 5.974 respectively, and so ≈ $1.592--as represented by the aforementioned vertical green bar allows us to forecast a strong break above the purple resistance trendline to minimally touch a new local high of $1.592 + whatever's CELO/CGLD's price at the breakout.

A reasonable TP target might then be ≈ $7. 05 .
A reasonable stop loss might be ≈ $5.32