MSB - Bullish (A Medium to Long Term Buying Opportunity)
Updated
1. Price has plummeted down and stopped at exact upward sloping 50 Months Moving Average
2. Price got support exactly on the 200 Weeks Moving Average
3. Price got support at a very strong Monthly Support Level
I believe this is a great medium to long term buying buying opportunity, as price got supported at many confluence levels, as this might be a Higher Low on the Monthly and the Weekly Chart. The support level of $2.00 is very strong. As price got dumped aggressively, I believe it will take some time for it to move up very quickly. I think price will consolidate and coil and there will be a lot of accumulation which may take time for price to take off. I will be watching price action and will enter once bullish price action is confirmed.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
2. Price got support exactly on the 200 Weeks Moving Average
3. Price got support at a very strong Monthly Support Level
I believe this is a great medium to long term buying buying opportunity, as price got supported at many confluence levels, as this might be a Higher Low on the Monthly and the Weekly Chart. The support level of $2.00 is very strong. As price got dumped aggressively, I believe it will take some time for it to move up very quickly. I think price will consolidate and coil and there will be a lot of accumulation which may take time for price to take off. I will be watching price action and will enter once bullish price action is confirmed.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
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I am also attaching Monthly and Weekly Chart to support my idea.Comment
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After the strong plunge to the downside, support has been held well, and I do not expect to move lower than $2.00. I expect more consolidation and a rise in price slowly.
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