So I while back we looked at ONCO breaking up from a large descending triangle and we found a good entry.
Now a possible new entry point will present itself.
Breaking up from the previous triangle we've now completed an impulse with correction pattern, finding support on the 0.5 fib (red circles).
Above we need to break the SEK 174-177,- resistance before a...
ONCO has huge FA bullish potential and now also starting to look bullish from a TA point of view.
What should we do?
GREEN scenario: Wait for the retest of the smaller blue trendline and potentially buy there to get a lower price but with less bullish confirmation. Or wait for the larger trendline to break for more bullish confirmation but a slightly higher...
ONCO has been consolidating for quite a while. The reason I'm looking at it now is because it has just found support on the daily cloud (not on the chart displayed) and just arrived at the bottom of the weekly cloud. So now let's see if it will enter the weekly cloud.
Once it does, I see a bullish scenario unfolding.
I've drawn 2 potential scenarios;
Scenario...
'When in doubt, zoom out'. As ONCO is confusing me somewhat with mixed signals, I decided to take a look at the weekly chart only for now.
So we are inside a descending triangle. Which got broken to the downside during the 'covid crash', but the price recovered nicely back into it.
Long story short, we should wait until the price breaks up or down from this...
ONCO is approaching an potential area of support on the daily cloud and long term horizontal area of support/resistance.
So I'm keeping an close eye on its reaction there.
If it can hold AND break the downward (blue) trendline, then that represents a good entry point.
