Nothing too complicated here - on the above monthly chart a regular bullish monthly divergence is visible following a heavy oversold condition (orange column).
Why bullish?
1) Double monthly ‘Dragonfly DOJI’ candles.
2) Higher highs in the oscillators as price action makes lower lows + Volume increase.
3) Monthly Bullish engulfing candle.
Target? No idea - however an update will be made here when price action becomes overbought.
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2-week chart prints a Dragonfly DOJI - this would be a good entry point.
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Previous 10-day candle that printed yesterday forms a Dragonfly DOJI - excellent opportunity to cost average in.
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The regular bullish divergence continues to grow following the breakout of resistance as shown on the 10-day chart:
Zooming in a little closer the weekly chart is printing bullish engulfing candles:
$2.75 is an amazing long position if you can get it.
The weekly chart:
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10 oscillators now showing bullish divergence with price action. A significant move should now be expected.
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For what its worth I'm adding to this one now that a buy signal is printing on the 10-day chart.
Any updates on this one? It’s taken a real nose dive since your most recent update. Thanks in advance!
without_worries
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@sashakusak, nothing new. Looks like a test of $2 might be tested in the weeks ahead, I've no issues staying long. I'm in this trade myself and use those pulls backs to add to any long positions. Have done so 4 times on this one so far.
On the 10-day chart below I see RSI printing higher highs following the breakout of lower highs.
sashakusak
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@without_worries, Thank you! I appreciate your insight and guidance.