Why did i take some profit on ASX:Z1P ?! 👿🔥🔥👿
This whole week, zIP aka Z1P has been on fire. But was it a good time to take profit or it was too early?
To me, indicators showed a sign of a overbought market, look at the RSI and the market hit a major confluence of resistances and it could not break it. This confluence is a 200MA and f0.5fib.
This was a good sign that some profit can be taken off the table.
I will re-evaluate the market structure and decide when to enter for more upper target or sell my remaining positions if the market cannot keep the upwards momentum.
Atm z1P is still in the upwards momentum both weekly and daily.
I keep you updated if anything changes.
Stay safe.
To me, indicators showed a sign of a overbought market, look at the RSI and the market hit a major confluence of resistances and it could not break it. This confluence is a 200MA and f0.5fib.
This was a good sign that some profit can be taken off the table.
I will re-evaluate the market structure and decide when to enter for more upper target or sell my remaining positions if the market cannot keep the upwards momentum.
Atm z1P is still in the upwards momentum both weekly and daily.
I keep you updated if anything changes.
Stay safe.
