Factors
1. Price has moved out of the LT downtrend (Starting April 19)
2. Price closed the recent gap while slowly building a base.
3. EMA is converging and slowly crossing upwards
4. There is an overhead gap at $2.10 which I would be looking to target.
Possible Reasons For Failure
1. No bullish price action/candlestick pattern printed after closing the recent gap
2. Prices may continue the downtrend
3. Target might be too optimistic
1. Price has moved out of the LT downtrend (Starting April 19)
2. Price closed the recent gap while slowly building a base.
3. EMA is converging and slowly crossing upwards
4. There is an overhead gap at $2.10 which I would be looking to target.
Possible Reasons For Failure
1. No bullish price action/candlestick pattern printed after closing the recent gap
2. Prices may continue the downtrend
3. Target might be too optimistic