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 $40.
2) RSI resistance breakout.
3) Seller capitulation. Regardless of market seller capitulation into past resistance is a wonderful thing. Always a gift horse, lets not start counting teeth.
It is possible price action corrects further? Sure. Is it probable? No.
Ww
Type: Trade, not investment. Risk: <=6% Timeframe for long: This month Return: 40%
It seems Rsi simply moved sideways out of your resistance channel. Wouldn't we be looking for a higher low instead? tnx
without_worries
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@rhall6451, On the 2 week time frame as published, yes. On the 10 day, resistance has broken out.
harvooo
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Took my own entry relating to your idea. Seems to have caught a bid off the lows. Looking for a higher low and continuation on the daily 👍🏻.
Will you look at UROY/URC?
Been a long time silent follower. Thanks WW
juarezhernandez164
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What do you think about HOOD ? Its broken out of a multi year accumulation , looks to be going to 35$
without_worries
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@juarezhernandez164, I think it has recently broken out of resistance. A long from 12.80 would be the way forward. Trend reversal is confirmed.
As for price action doubling the market cap of this business from 14B to over 30b for $35 price action.. I don’t see anything in the chart that allows me to make that forecast.
2 week
juarezhernandez164
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@without_worries I agree , there isnt much info on the chart to forecast much , we'll have to see how it develops overtime May i get your insight on Carvanna stock as well ?
without_worries
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@juarezhernandez164, One stock per customer ;-) Ask me somewhere else, links are on every idea I publish.
juarezhernandez164
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@without_worries haha sure thing , ill ask right now on your recent posts!