Analysis:
Daily chart- After long downtrend, price enters a sideways market between 1.57-2.91 for about 300days. Starting Nov. '20, price made a series of higher lows into resistance and finding Support from 200ma, exhibiting the buyers willingness to buy at higher prices. This lead to a price breakout on 1/6/21 and a Golden cross. Price follows that move by pulling back to Resistance area 2.68-2.91 and bouncing off possibly turning Resistance into Support. These series of price action moves leads me to believe the bulls have a very strong presence here. The breakout, pull back, and bounce were my entry signals. Will Zoom in to 1HR chart for possible entry.
1HR Chart- Break out move ran into Resistance area of 3.16-3.22 with a few false breakouts then pulling back to Support area of 2.68-2.91. Price bounced off Support with a series of higher lows into resistance where it has bounce off twice to go along with a false breakout. On both of the previous higher lows, the 10Ma was acting as Dynamic Support and is currently holding the price at Resistance Area with what looks to be a Bullish Engulfing pattern. This is my Entry. I will be setting my Stop Loss at 3.10. We are currently at a Resistance Area and if price were to close below Supporting Area 3.16-3.22 and Supporting 10 Ma, the bounce move up was nothing more than a Swing and Price will be coming back down to Support Area of 2.68-2.91.
Entry: 3.23
Stop Loss: 3.10(-4.11%)
Initial Target: 5.25
Daily chart- After long downtrend, price enters a sideways market between 1.57-2.91 for about 300days. Starting Nov. '20, price made a series of higher lows into resistance and finding Support from 200ma, exhibiting the buyers willingness to buy at higher prices. This lead to a price breakout on 1/6/21 and a Golden cross. Price follows that move by pulling back to Resistance area 2.68-2.91 and bouncing off possibly turning Resistance into Support. These series of price action moves leads me to believe the bulls have a very strong presence here. The breakout, pull back, and bounce were my entry signals. Will Zoom in to 1HR chart for possible entry.
1HR Chart- Break out move ran into Resistance area of 3.16-3.22 with a few false breakouts then pulling back to Support area of 2.68-2.91. Price bounced off Support with a series of higher lows into resistance where it has bounce off twice to go along with a false breakout. On both of the previous higher lows, the 10Ma was acting as Dynamic Support and is currently holding the price at Resistance Area with what looks to be a Bullish Engulfing pattern. This is my Entry. I will be setting my Stop Loss at 3.10. We are currently at a Resistance Area and if price were to close below Supporting Area 3.16-3.22 and Supporting 10 Ma, the bounce move up was nothing more than a Swing and Price will be coming back down to Support Area of 2.68-2.91.
Entry: 3.23
Stop Loss: 3.10(-4.11%)
Initial Target: 5.25
Trade closed: target reached:
Target of 5.25 reached. 62.5% gain.
Will look to re-enter
Will look to re-enter
Trade active:
Entry: 3.31
Comment:
stop loss set at 4.08(-5.33%)
Target 7.99(86%),
Stop Loss: 4.15(-3.52%)