I took a look at this chart on my chartapalooza stream yesterday afternoon, and it was by far the most striking setup that I saw.
The weekly chart shows an incredible test and hold of support at .06293. As you can see, this was a major swing high at the beginning of 2023, which was never recaptured until a few weeks ago.
What strikes me is the huge increase on volume and the candle spread on the breakout a few weeks ago, and then the incredible hold of support for the next two candles. As you can see, a blue candle closed right on support, then we had a perfect dragonfly doji wick low below support but close EXACTLY at the same price where it opened a week before. This is a major reversal signal. This week’s candle has started right at support and is heading up.
The target for me is the next level around .153, if not higher. More than 2x from here.
The weekly chart shows an incredible test and hold of support at .06293. As you can see, this was a major swing high at the beginning of 2023, which was never recaptured until a few weeks ago.
What strikes me is the huge increase on volume and the candle spread on the breakout a few weeks ago, and then the incredible hold of support for the next two candles. As you can see, a blue candle closed right on support, then we had a perfect dragonfly doji wick low below support but close EXACTLY at the same price where it opened a week before. This is a major reversal signal. This week’s candle has started right at support and is heading up.
The target for me is the next level around .153, if not higher. More than 2x from here.
scott.melker@texaswestcapital.com