ONT Retests Bottom of Channel, Descending Triangle Forming
Updated
ONT has reached the bottom of the channel it has more or less remained in since early May. Daily RSI is in the mid 30's, which is a very weak area, with a bearish divergence. Price action has also fallen below the daily Ichimoku Cloud and is forming a bear triangle. The 4 HR chart looks more appetizing, with Stochastic RSI reaching oversold levels. There may be a quick play to be made here, however, I will not be entering this trade. If you decide to take a position, I would recommend buying near market value, with a stop-loss no lower than 0.00071.
Comment
Edit: bearish RSI divergence is found on the 4HR chart, not the daily.
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.