My JP StochDemarker Indicator at the bottom suggests a potential reversal from oversold conditions, as indicated by the upward green signal and bullish divergence forming. The stochastic momentum is curling upward, signalling increasing buying pressure.
Target does not have to go wide, but $70-$72 is what im looking at, if we're still is longer term correction for Q1.
Price Action:
• A recent Buy signal has appeared on the price chart, aligning with a “Long STRONG” flag from the strategy.
• The price is rebounding off the lower Bollinger Band, with support holding near $65, which coincides with a key Fibonacci retracement level.
• Short-term moving averages (e.g., 20 EMA) are converging, indicating a possible shift in momentum if the price breaks higher.
Trade Direction:
- The combination of technical signals – stochastic recovery, “Buy” flags, and strong support at current levels – presents an attractive long opportunity.
- A breakout above $67 could confirm the uptrend continuation, with a potential target towards $70-$72, aligning with the upper Bollinger Band and previous resistance zones.
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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.