The Storm is here!
Welcome to my update on STORM. Let’s get into it! As you can see we have had a break out of the uptrend channel quicker than expected. Looking at the MACD we have momentum to support this, further supported by a surge in accumulation. We have tested the top of the down trend channel as support and although we have made a lower high and a lower low, the 30 minute chart is showing a bullish engulfing candle emerging. We are also trading well above the 12 EMA which is a good sign. There is not much resistance above us until we hit the 38.% Fib level at which point I would expect a natural retracement (possibly to test the new smaller uptrend channel) due to the relative ferocity of this surge.
Trade safe!
Cheers
Welcome to my update on STORM. Let’s get into it! As you can see we have had a break out of the uptrend channel quicker than expected. Looking at the MACD we have momentum to support this, further supported by a surge in accumulation. We have tested the top of the down trend channel as support and although we have made a lower high and a lower low, the 30 minute chart is showing a bullish engulfing candle emerging. We are also trading well above the 12 EMA which is a good sign. There is not much resistance above us until we hit the 38.% Fib level at which point I would expect a natural retracement (possibly to test the new smaller uptrend channel) due to the relative ferocity of this surge.
Trade safe!
Cheers
