RYCE and tea leaves

RYCE is showing some extremely interesting chart patterns. On the weekly timeframe (shown above), we have very obvious short and long term bullish RSI divergence, and long term RSI resistance. On the daily timeframe (not shown), we have very obvious horizontal RSI support, and it's the first instance on this horizontal RSI support that the price has made a higher low. Technically, this is a very critical time and an interesting trade opportunity. A lot of resistance to overcome in the $8 to $11 range, so my initial targets will be there. If it breaks above downtrend resistance, I will use weekly and daily RSI resistances to identify exit points. It's technically possible to increase 10x, but I wouldn't bet the farm on it. As a fundamental justification to support my bullish technical bias, maybe people will be buying more rice during the pandemic? As always, let's see what happens.

Note

Still looks pretty good. I'll take this opportunity in the comment to show the horizontal RSI support on the daily timeframe that I was referring to in the main post. First time the price has achieved a higher low while bouncing off of the 1D RSI support. The resistance and subsequent rejection at $8 was definitely expected (see the main post). Smart move would have been to sell in the low $8s and reaccumulate below $6. Full transparency, my lowest sell orders were ever-so-slightly too greedy, so I didn't manage to scalp anything there, but I did accumulate more when it dropped below $6.

Order cancelled

Whoa, delisted. Just when you think you're done learning expensive lessons...

swilton

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swilton