Factors 1. Price has moved out of the LT downtrend (Starting April 19) 2. Price closed the recent gap while slowly building a base. 3. EMA is converging and slowly crossing upwards 4. There is an overhead gap at $2.10 which I would be looking to target.
Possible Reasons For Failure 1. No bullish price action/candlestick pattern printed after closing the recent gap 2. Prices may continue the downtrend 3. Target might be too optimistic