HiTech
Long

Expanse - Will It Finally Reverse?

POLONIEX:EXPUSD   Expanse / Dollar (calculated by TradingView)
For the short term, Expanse has been trading upwards while moving within the ascending channel . On the 8th of March, the channel was broken and price started to move lower. Fibonacci applied to the corrective wave up after the channel breakout shows that EXP/USD has reached the 227.2% Fibonacci retracement and what more important, rejected it. Simultaneously the lower trendline of the extended ascending channel has also been rejected, followed by the downtrend trendline of the RSI oscillator.

These are just some indications that there is in fact strong support at $1.68 and the fact is, the support was rejected. Therefore unless Expanse will close below the support this could be a reversal point or at the very least a very interesting price to observe from the investment point of view. Obviously, only time will tell whether it will be a potential reversal or just a corrective wave up.
Trade closed: target reached
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