LIT is in a bullish trend which just had a nice correction. The correction appears to have ended which indicates that we're in the preparation stages for the next major leg up.
Once we clear the resistance at $5 we should have a smooth ride towards $7 which is our next major resistance. Either way, I see LIT moving higher and beyond that still. The volume lately has been looking solid and the indicators on daily and higher timeframes favors a bullish bias medium/long term.
Any chances to buy LIT at support is a great discount to enter, however, a clean break from the $5 resistance would equally present a good entry (i.e. buying the retest of that resistance turned support).
We also have a nice ascending triangle, hence once this formation breaks, we will get confirmation of our trend.
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Once we clear the resistance at $5 we should have a smooth ride towards $7 which is our next major resistance. Either way, I see LIT moving higher and beyond that still. The volume lately has been looking solid and the indicators on daily and higher timeframes favors a bullish bias medium/long term.
Any chances to buy LIT at support is a great discount to enter, however, a clean break from the $5 resistance would equally present a good entry (i.e. buying the retest of that resistance turned support).
We also have a nice ascending triangle, hence once this formation breaks, we will get confirmation of our trend.
Like and follow if you liked this idea!
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