Mastercard has been fairly range bounce since topping out over the summer. It has an inverse head and shoulders pattern and the stock is drifting towards the high end of its trading range. It is a potential breakout candidate so you can start a small position now (25%) and increase it as the stock hits prior peaks on December 4th/November 10th, October 12th and...
Shwatup doe! Hope you are healthy, wealthy and blessed!
Here we take a closer look at ALGOUSD on the 4 hour chart!
ALGO has been ranging between $.36 and .47 over the past few days; gaining strong support at $0.38 and at the current level of .3950
Volume and Money Flow have been increasing dramatically...
If .47 is broken, we could see a quick move to the $.53...
Let's see why we expect more bullish pressure coming on the market based on technical items.
a) The price made a new ATH in September 2020, and after that, we observed a Massive Corrective structure. (This type of structures can tell us about the Accumulation process going on)
b) In November, we observed a breakout of the Massive corrective structure
Downside potential toward 50% Fibbonaci line before starting the Waves 5 on 30min timeframe chart.
Watch out the price closely when it hit 50% Fibo line as it may start the Waves 5 for short term trade.
Just an Ideas. Trading involves significant risk. Trade at your own risk.
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MasterCard just bounced off the trendline and is well relaxed with it's RSI. In addition to that the cloud gives a solid support. That's why i think MasterCard will start in Wave 1 now.
Stop loss: 315$
Much fun witrh that trade!
Leave a follow please, my goal is 200:)
1. Price retraced to 50% fib and successfully pivoted on 50MA.
2. Bullish pin bar was supported by 50MA, followed by confirmation with bullish mark up bar.
3. Trendline that supporting the down wave, confluence with the reversal.
4. On Volume profile, Point of COntrol show significant support zone too.
$V #V Wait for bearish momentum to cool off, 50ema (red line) at support, if it bounces and cross 20ema (red line) will rocket to the pre-market crash level.
Very good risk/reward play backed by exceptional company fundamentals and future prospects.
Stop loss if going under the 50ema or 200$.