KNC: Resistance Breakout
Trade setup: Trends are mixed. Following a Falling Wedge pattern, price has also broken above $0.70 resistance and 200-day moving average to signal a bullish trend reversal, with +25% upside potential to $0.90 next. Stop Loss (SL) level at $0.62 (prior swing low).
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Neutral and Long-term trend is Down.
Momentum is Bullish (MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.55, then $0.45. Nearest Resistance Zone is $0.90.
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Neutral and Long-term trend is Down.
Momentum is Bullish (MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.55, then $0.45. Nearest Resistance Zone is $0.90.
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