Following a 70% correction (now 50%) and oversold condition, price action on the above 1-day chart is now printing a strong trend reversal. The higher lows in price action are also mirrored by the oscillators with higher highs in RSI and Stochastic RSI. Very bullish.
1st target $27
Should RSI support remain active (blue line) after target price is met then price action is expected to be in uptrend until mid-2021.
The weekly chart (below) printed a long tailed Dragonfly DOJI indicating strong buying pressure in the weeks ahead.
Zlecenie aktywne
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3-day chart below printed a higher low on Stochastic RSI above 40 - very bullish in the near term in combination with the above chart.
Zlecenie aktywne
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3rd time lucky! Resistance convincingly smashed. Should today's candle close as it currently is a much stronger move to the upside should be expected. RSI is currently overbought however Stochastic RSI is above 80, can only be bullish as long as that remains.
Komentarz
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Resistance broken. What I expect to occur next is a test of target before support confirmation:
Zlecenie aktywne
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Lot of energy with the close of last week's candle - the length of the tail suggests buyers were in abundance.