EA has followed relatively the same path as many software and tech companies since the run up from March forming an ascending channel.
Currently, the price action is testing the support of it's trend, if the support is able to hold and the channel confirms a continuation, the most likely price path is A.
However, if support is unable to hold and the price breaks out of the channel, the most probable price paths are B and C.
As we can see from our price ranges, the nearest support and resistance points offer ~6% on each side, and our further support and resistances offer ~14% on each side.
That means, we have a rough R/R ratio of 1:1.
Indicators suggest choppy price action, the Stochastic RSI passed over 20, but has since stalled out. While the RVI has a low volatility reading, there is still room to fall.
On average, the volume has been falling off since June 20th.
Because of these numbers, the best play here if entering now, would be an exit below the current channel support.
However, if you wait to enter and the price action breaks to the downside, both Support levels would be better buying opportunities. If buying at support, breaks below support should be used as exits.
Currently, the price action is testing the support of it's trend, if the support is able to hold and the channel confirms a continuation, the most likely price path is A.
However, if support is unable to hold and the price breaks out of the channel, the most probable price paths are B and C.
As we can see from our price ranges, the nearest support and resistance points offer ~6% on each side, and our further support and resistances offer ~14% on each side.
That means, we have a rough R/R ratio of 1:1.
Indicators suggest choppy price action, the Stochastic RSI passed over 20, but has since stalled out. While the RVI has a low volatility reading, there is still room to fall.
On average, the volume has been falling off since June 20th.
Because of these numbers, the best play here if entering now, would be an exit below the current channel support.
However, if you wait to enter and the price action breaks to the downside, both Support levels would be better buying opportunities. If buying at support, breaks below support should be used as exits.
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy