Vanry Next Rally (Swing Trade)
The long-term trend shows upwards, with price rising from the weekly support area around $0.078 to peak around $0.32 before a correction. The weekly support area is around $0.078 to $0.15 (blue area). Price has been tested several times in this area and managed to rebound, showing the strength of this support area.
Price Movement
An ascending triangle pattern is formed which is indicated by an upward sloping support line (red line) and horizontal resistance around $0.21. This pattern is usually an indication of bullish continuation and It appears that the price is trying to breakout from this ascending triangle pattern and right now is forming a bullish flag pattern on the retest.
If the price manages to break the resistance around $0.21 with significant volume, there is a high probability that the price will continue rising. The price is currently above the 21 EMA, indicating short-term bullish momentum. EMA 21 also acts as a strong dynamic support.
Trading Strategy:
Profit Target
The first profit target can be placed around $0.24 - $0.25, based on the height of Bull Flag Pattern. The Second Profit Target can be placed around $0.28 - $0.30 based on the height of Ascending Triangle Pattern.
#dyor #nfa
Price Movement
An ascending triangle pattern is formed which is indicated by an upward sloping support line (red line) and horizontal resistance around $0.21. This pattern is usually an indication of bullish continuation and It appears that the price is trying to breakout from this ascending triangle pattern and right now is forming a bullish flag pattern on the retest.
If the price manages to break the resistance around $0.21 with significant volume, there is a high probability that the price will continue rising. The price is currently above the 21 EMA, indicating short-term bullish momentum. EMA 21 also acts as a strong dynamic support.
Trading Strategy:
Profit Target
The first profit target can be placed around $0.24 - $0.25, based on the height of Bull Flag Pattern. The Second Profit Target can be placed around $0.28 - $0.30 based on the height of Ascending Triangle Pattern.
#dyor #nfa
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