- If you are a layman with some knowledge of charts and price action, This chart looks good, Doesn't it? - It finally broke the trendline starting in March 2021. Breaking a 2-Year Trendline - With Bulls charging the markets, everything looks lucrative. Now that investors are getting greedy, Caution is advised. - If you look closely, The price is taking resistance at a crucial resistance zone. See the long wicks on all the prior tests of this zone? - Say the price breaks and sustains over it, we have another resistance waiting at a mere 5% up move. - Will it be able to break both resistances in one go? Maybe, Maybe Not. - Is it wise to enter now and hope that it does? Or should we wait for both resistances to be taken out and let the price sustain over it? - I would go with the latter. - Don't get me wrong. I like this company. I just don't like the price action at this point.
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And this is why we always teach our students to invest in companies that do not have any foreseeable red flags. Be it on the chart or in the fundamentals of the company.
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Current Price Action:
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We have reached the game zone. If it takes support from the zone, we may see a bounce back. The price is below the Psy. Support of 40000.
is it good time to buy now ? or should wait for it to retest 34600 levels ? rsi is already at 23 on daily chart. Your Input will be valuable for me. Thanks
Mahesh424
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update the point of view in HONAUT looking to buy at support and 200 ema