$SODA closed above its Weekly Fast SMA line (18) last week for the first time since June 2015.
Usually I use this to indicate potential shift in trend. The daily Fast SMA line is the preliminary signal and the weekly is a much more reliable one.
Other elements to consider when looking at $SODA's charts are the resistance zone near 17$ and the 50 weeks SMA line that creates a strong weekly sell zone 16.5-17.5$.
If $SODA will break above 17.5 and close above 18$ it could create a longer term signal that will lead it to a long waited correction move. The bullish momentum in the RSI supports this option.
30$ is the first real weekly structure above 18$ and that's the longer term potential target zone
Tomer, The MarketZone.net
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Usually I use this to indicate potential shift in trend. The daily Fast SMA line is the preliminary signal and the weekly is a much more reliable one.
Other elements to consider when looking at $SODA's charts are the resistance zone near 17$ and the 50 weeks SMA line that creates a strong weekly sell zone 16.5-17.5$.
If $SODA will break above 17.5 and close above 18$ it could create a longer term signal that will lead it to a long waited correction move. The bullish momentum in the RSI supports this option.
30$ is the first real weekly structure above 18$ and that's the longer term potential target zone
Tomer, The MarketZone.net
Follow me on TradingView
Follow my blog - goo.gl/TWWN8C
Subscribe to my mailing lists - goo.gl/JfOLoR
Comment:
Approaching the breakout zone - Watch out of potential resistance