Factors 1. Price has broken out of the recent downtrend (15/07/19 - 24/12/19) 2. There is a bullish candlestick printed where price broke the recent downtrend (24/12/19) 3. Decent volume plus strong candle on the initial breakout (24/12/19) 4. There is a gap at 8.1c which I would be looking to target. May find some resistance at 6.9c.
Possible Reasons For Failure 1. Momentum may fade and price may continue downwards. 2. Though converging, 13/48 EMA hasn't crossed over.
Watchlist: Potential trade in the future, watch how prices react to 5.2c level.