On the above 2-day chart price action has corrected 70% since February. A number of reasons now exist to consider a long position..
Firstly, was asked about my thoughts on this one. It is bullish. Here’s why:
1) Price action and RSI resistance breakouts.
2) Regular AND hidden bullish divergence, don’t often see that. 10 oscillators are currently printing positive divergence with price action. Latterly hidden bullish divergence is printing as 1) price action prints a higher low and 2) stochastic RSI prints a lower low.
3) Support and resistance. Look left, blue circles. Price action is on strong support.
4) The bull flag breakout. The flagpole measures a 220% return from current levels. Sound good?
Is it possible price action continues to fall? Sure. Is it probable? no.
Ww
Type: trade Risk: <2% Timeframe for long: act now Return: 2x