Current Situation:
Trend: STX has been in a downtrend since April 2nd but recently experienced a change of character (CHOC) after retesting the 0.618 Fibonacci level.
200-day EMA: This is an important level to watch, marked by the red line on the chart.
Trade Strategy:
Entry Criteria:
Support Confirmation: Watch the price action around the 200-day EMA to confirm it flips from resistance to support.
Entry Point: Enter a long position at $2.
Take Profit Targets:
Primary Target: $2.50
Secondary Target: $3.00
Stop Loss: Set a stop loss at a daily close below $1.80 to manage risk.
Summary:
For STX, after experiencing a change of character and forming a higher high, look for a higher low in the discovery phase. Enter a long position at $2, targeting $2.50 and $3.00 for profits. Watch the 200-day EMA for support confirmation and set a stop loss at a daily close below $1.80 to limit potential losses.
Trend: STX has been in a downtrend since April 2nd but recently experienced a change of character (CHOC) after retesting the 0.618 Fibonacci level.
200-day EMA: This is an important level to watch, marked by the red line on the chart.
Trade Strategy:
Entry Criteria:
Support Confirmation: Watch the price action around the 200-day EMA to confirm it flips from resistance to support.
Entry Point: Enter a long position at $2.
Take Profit Targets:
Primary Target: $2.50
Secondary Target: $3.00
Stop Loss: Set a stop loss at a daily close below $1.80 to manage risk.
Summary:
For STX, after experiencing a change of character and forming a higher high, look for a higher low in the discovery phase. Enter a long position at $2, targeting $2.50 and $3.00 for profits. Watch the 200-day EMA for support confirmation and set a stop loss at a daily close below $1.80 to limit potential losses.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.