Good day to all.
As we saw in a recent post, the trendline that was supporting RDD failed hard with this recent sell off, but has found support in the area I identified.
We have some positive indicators here.
- RSI was very overbought but now reset.
- Very strong buying and long bull wicks on the candles testing the downside which shows there are buyers below at this prices.
- Golden cross on the MA (50/200) still probable.
- I believe we have now completed the 2nd wave, based on the fib retracement of wave 1 it’s ‘unlikely’ to drop below these levels unless we have a wave failure or some heavy market fud sell offs.
If we see some strong volume in the market, and confidently break back with an impulsive move above the trendline recently broken, then I see a target of around 2c as a conservative target for the upside.
We shall see shortly, We’re watching this closely.
Trade safe,
The Colonel xxx
As we saw in a recent post, the trendline that was supporting RDD failed hard with this recent sell off, but has found support in the area I identified.
We have some positive indicators here.
- RSI was very overbought but now reset.
- Very strong buying and long bull wicks on the candles testing the downside which shows there are buyers below at this prices.
- Golden cross on the MA (50/200) still probable.
- I believe we have now completed the 2nd wave, based on the fib retracement of wave 1 it’s ‘unlikely’ to drop below these levels unless we have a wave failure or some heavy market fud sell offs.
If we see some strong volume in the market, and confidently break back with an impulsive move above the trendline recently broken, then I see a target of around 2c as a conservative target for the upside.
We shall see shortly, We’re watching this closely.
Trade safe,
The Colonel xxx