HYLN - Falling knives can cut support
HYLN took a strong dip today which was further amplified by the broader market sell-off.
Indicators have lowered are in oversold territory. Volatility is low at this level as conveyed by the RVI.
Price action tested it's first level of major support and has so far reacted positively to it.
An entry at the current level offers 3 target points with profit levels at 17,36, and 66% respectively.
If a position were entered right now, the max drawdown could be 29% at support level 3 (S3). We would take a tighter stop area at 31.09 or 6.6%.
If the price action breaks below S1, the price action is likely to retest S2, at which point re-entry would be possible.
I will enter a long position at S1 and target the take profit area 1 or 2 for the near-term. I will enter at S1 and exit for a loss at 6.6 for R/R of 2.5 - 5.
Indicators have lowered are in oversold territory. Volatility is low at this level as conveyed by the RVI.
Price action tested it's first level of major support and has so far reacted positively to it.
An entry at the current level offers 3 target points with profit levels at 17,36, and 66% respectively.
If a position were entered right now, the max drawdown could be 29% at support level 3 (S3). We would take a tighter stop area at 31.09 or 6.6%.
If the price action breaks below S1, the price action is likely to retest S2, at which point re-entry would be possible.
I will enter a long position at S1 and target the take profit area 1 or 2 for the near-term. I will enter at S1 and exit for a loss at 6.6 for R/R of 2.5 - 5.
Comment:
Price action broke below support and was sold at our pre-defined stop. Another opportunity should present itself later.
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