Description
⋅ On the above 1-day chart price action has corrected 80% since mid-April. A ‘incredible buy’ opportunity now exists. Why bullish?
1) Price action breakout from resistance (blue line) and finds support on past resistance.
2) Price action finds support on the 100-week EMA (yellow line). Look left, in the past this EMA has offered strong support.
3) Textbook cup & handle formation on the weekly chart. Price action breaks out of the falling wedge printing a Dragonfly DOJI candle the week before.
Target, 10 cents - calculated from the cup and handle extension.
Good luck!
WW
Weekly chart:
Trade active
⋅ 83% in 3 days - amazing. Don't FOMO, price action is well outside the Bollinger Bands on the lower time frame, wait for higher low.
Trade active
⋅ Beautiful structure. Support on 21-week EMA + Bullish engulfing on weekly. Look left, be patient.