Hey there everyone,
Looks like HEXO could be breaking to some higher highs this month.
The RSI has some consolidation as the end of a symmetrical triangle pattern is being formed. There is a slight wall (blue line) that shows bull pressure still exists in the market. The volume is lower than we would hope for, but price didn't seem to get wrecked by the large exit last month. Once this triangle pops, there should be more bulls pushing this to a higher high.
As far as an entry goes, I would try and enter around the next green candle. This triangle is set to blow up and bullish support could really push this.
If all goes as planned, a target around $7.50 would be a healthy goal. If you are a strong believer in the asset, feel free to hold on for the ride.
If the triangle breaks, the wall is broken bearish, or price just flat-lines for more than a week, it might be a good idea to let this one go.
What do you all think? I love hearing your opinions.
-Block
Looks like HEXO could be breaking to some higher highs this month.
The RSI has some consolidation as the end of a symmetrical triangle pattern is being formed. There is a slight wall (blue line) that shows bull pressure still exists in the market. The volume is lower than we would hope for, but price didn't seem to get wrecked by the large exit last month. Once this triangle pops, there should be more bulls pushing this to a higher high.
As far as an entry goes, I would try and enter around the next green candle. This triangle is set to blow up and bullish support could really push this.
If all goes as planned, a target around $7.50 would be a healthy goal. If you are a strong believer in the asset, feel free to hold on for the ride.
If the triangle breaks, the wall is broken bearish, or price just flat-lines for more than a week, it might be a good idea to let this one go.
What do you all think? I love hearing your opinions.
-Block