Quant Break and Retest
Updated
QNT was in a downtrend for more than seven months. The downtrend pattern is a Falling Wedge, which is a bullish reversal Pattern.
Quant broke above the Wedge on October 24th. Today QNT completed a retest of the Wedge’s resistance line.
Additional Confluence:
1. Horizontal Support at 96.7 USDT.
2. 50D EMA at 96.7 USDT.
3. Bullish EMA cross (20 above the 50).
Cons:
1. QNT is below the 200D, technically bearish.
2. Retest is not confirmed.
3. No obvious level for SL
Suggestion:
Wait for a daily close above resistance.
Trade Idea:
Entry: 96.8
SL: 88.5 (2X ATR).
Target:135 (technical target).
TP: 106, 120, 134
R:R: 1:2.55 to first TP
Quant broke above the Wedge on October 24th. Today QNT completed a retest of the Wedge’s resistance line.
Additional Confluence:
1. Horizontal Support at 96.7 USDT.
2. 50D EMA at 96.7 USDT.
3. Bullish EMA cross (20 above the 50).
Cons:
1. QNT is below the 200D, technically bearish.
2. Retest is not confirmed.
3. No obvious level for SL
Suggestion:
Wait for a daily close above resistance.
Trade Idea:
Entry: 96.8
SL: 88.5 (2X ATR).
Target:135 (technical target).
TP: 106, 120, 134
R:R: 1:2.55 to first TP
Trade closed manually
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