Trade setup: Trends are mixed. Following a Falling Wedge pattern, price has also broken above $0.70 resistance and 200-day moving average to signal a bullish trend reversal, with +25% upside potential to $0.90 next. Stop Loss (SL) level at $0.62 (prior swing low).
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Neutral and Long-term trend is Down.
Momentum is Bullish (MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.55, then $0.45. Nearest Resistance Zone is $0.90.
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Neutral and Long-term trend is Down.
Momentum is Bullish (MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.55, then $0.45. Nearest Resistance Zone is $0.90.
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.
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.