Current Price Action:
- Trading at $2.47, up 4.78%
- Breaking out from a recent consolidation pattern
- Showing first signs of trend reversal after extended downtrend
Elliott Wave Analysis:
- Appears to be completing Wave IV of a larger structure
- Triangle pattern forming within Wave IV
- Potential for Wave V upward movement targeting $3.85 (1.618 Fibonacci level)
Key Technical Levels:
1. Support:
- Major support at $1.60 (recent lows)
- Triangle pattern support around $2.00
- Moving averages providing dynamic support
2. Resistance:
- $2.36 (0.236 Fibonacci level)
- $2.61 (0.786 Fibonacci level)
- $3.34 (1.272 Fibonacci extension)
Volume Analysis:
- Recent volume increase supporting the breakout
- Bottom indicator showing improving momentum
- Volume pattern suggests accumulation phase
Trading Considerations:
- Breakout from triangle pattern suggests bullish momentum
- Stop loss could be placed below triangle support ($2.00)
- Risk/reward appears favorable for long positions
Potential Risks:
- Stock has been in long-term downtrend
- Needs to maintain above breakout level
- Historical volatility suggests tight stop losses needed
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.