Stellar broke out of a bullish descending triangle pattern on 24 January and is now retracing back to the breakout area. This presents a bullish opportunity to go long, with a stop below the top line of the descending triangle at around 0.420, which would also signal a break of recent support.
The target is 1.02
The bullish formation follows a healthy 50% Fibonacci retracement from the peak of 3 January. The ROC has also fallen below the zero line, supporting the bullish view.
The target is 1.02
The bullish formation follows a healthy 50% Fibonacci retracement from the peak of 3 January. The ROC has also fallen below the zero line, supporting the bullish view.
Comment:
The stop has been triggered today.