Global X Lithium & Battery Tech ETF - Support & resistance

On the above 2-week chart of the Global X Lithium & Battery Tech ETF price action has corrected 60%. A number of reasons now exist to be long.

1) Support and resistance. In 2011 and 2017 price action found strong resistance exactly at $40 before breaking out in 2020 for a massive 140% gain. Price action has now returned to $40.

2) RSI resistance breakout.

3) Seller capitulation. Regardless of market seller capitulation into past resistance is a wonderful thing. Always a gift horse, lets not start counting teeth.

It is possible price action corrects further? Sure.
Is it probable? No.

Ww

Type: Trade, not investment.
Risk: <=6%
Timeframe for long: This month
Return: 40%

Trade active