Rumble (RUM) Macro developments found looking like a solid buy
Hi guys. As always, im on the lookout for macro developments or signals found in assets. Which pose for high probability/ best scenario for taking positions.
Rumble (RUM) is on my radar for this idea post.
My analysis is on the 1 week timeframe.
As you can see RUM has been in a Descending channel since Feb 2022.
Recently we reached the bottom of the channel at 3.43 level. And began our recent rally.
We are as of now, in the process of breaking out of this Descending channel.
This is HUGE. The trend is beginning to shift in RUM. So we can call it a trend change attempt.
If we can confirm out of this Descending Channel. This is extremely bullish in my opinion for RUM.
It will negate the downtrend and give a sign that we may now be starting an uptrend in RUM, marking a bottom as well.
VOlume looks great with an increase.
Our MACD indicator is also giving signs of an Uptrend. With a bull cross ABOVE the 0 lvl indicating great opportunity as long as we continue this MACD trend.
Target 1 is around the $10.00
Target 2 is around $12.00
Rumble (RUM) is on my radar for this idea post.
My analysis is on the 1 week timeframe.
As you can see RUM has been in a Descending channel since Feb 2022.
Recently we reached the bottom of the channel at 3.43 level. And began our recent rally.
We are as of now, in the process of breaking out of this Descending channel.
This is HUGE. The trend is beginning to shift in RUM. So we can call it a trend change attempt.
If we can confirm out of this Descending Channel. This is extremely bullish in my opinion for RUM.
It will negate the downtrend and give a sign that we may now be starting an uptrend in RUM, marking a bottom as well.
VOlume looks great with an increase.
Our MACD indicator is also giving signs of an Uptrend. With a bull cross ABOVE the 0 lvl indicating great opportunity as long as we continue this MACD trend.
Target 1 is around the $10.00
Target 2 is around $12.00
Comment:
btw just to point out a typo, this is on 3 day timeframe. My mistake i forgot to switch to 1 week timeframe. Its still a Macro depiction in my opinion. Just not as much as a 1 week. But more than a 1 day.
Comment:
As of posting this comment, RUM is back inside the descending channel. Though early to say, last weeks breakout is currently a fakeout. Key is to watch for confirmation of a break above the channel.
Comment:
We are now back INSIDE Descending Channel.
With Massive ENGULFING Bearish candle.
Do NOT Trade this. Positions should be taken with a break & Confirmation ABOVE Descending Channel.
We can also be forming a consolidation pattern here, between $6.40- 8.11 range.
Requires further observation.
Weekly Volume is Increasing. Something to watch.
We are now back INSIDE Descending Channel.
With Massive ENGULFING Bearish candle.
Do NOT Trade this. Positions should be taken with a break & Confirmation ABOVE Descending Channel.
We can also be forming a consolidation pattern here, between $6.40- 8.11 range.
Requires further observation.
Weekly Volume is Increasing. Something to watch.
