After a clean breakout of the long lasting downtrend we suffered which ended on 3rd September 2024, we experienced explosive price action. This quickly got knocked off of it's feet due to it reaching 50.00% fib level, so a downtrend since then was expected given how extended we were.
Since the cool off, GEVO has found itself within a newly formed channel, along with testing the 100day SMA and 20day SMA and breaking past the RSI MA. With this, I'm expecting a move back up toward the resistance we'd rejected from prior, this being the yellow dashing lines. A minor retracement then a break above, along with a retest would be nice OR blowing straight past then a retest. This is what I'm looking for. With the retest, the next target will be the red line sitting at $13.17. Moving into an ABC retracement, then continuation later on.
(This is my first time trying EW)
Since the cool off, GEVO has found itself within a newly formed channel, along with testing the 100day SMA and 20day SMA and breaking past the RSI MA. With this, I'm expecting a move back up toward the resistance we'd rejected from prior, this being the yellow dashing lines. A minor retracement then a break above, along with a retest would be nice OR blowing straight past then a retest. This is what I'm looking for. With the retest, the next target will be the red line sitting at $13.17. Moving into an ABC retracement, then continuation later on.
(This is my first time trying EW)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.