MYRO — How To Approach A 65% Profit Target

MYRO has recently entered my "worth-to-watch" trading list. This post will explain why and how I plan to approach the trade.

MYRO has delivered a strong performance over the last few days/weeks. However, as expected, the latest uptrend was rejected by the major resistance between 0.16 and 0.17. As a result, MYRO dipped ~20%.

On the bright side, MYRO printed a bullish crossover (1) just a few days ago, which can indicate an uptrend. The Tenkan line (green) served perfectly as support (2) and led to a bullish engulfing candle today.

Here's what needs to happen before I will enter a trade.

The resistance area between .16 and .17 serves as my stop sign. I want to enter a trade as long as the price has moved above and is confirmed on the daily chart. Preferably, the price closes in the cloud.

If this happens, I will consider initiating a long trade. The upper line of the cloud serves as a first profit target since MYRO will certainly encounter some resistance there. The final profit target is located at 0.28.