So far I have called every move on SUPRA since joining the SUPRA tribe.
What we see on this chart is SUPRA is in a downtrend still rejecting off fib pocket each time. I have not shown the fib indicators here to show this as the chart would be too messy.
On the Stoch RSI we can see each time it crosses up as shown by the orange vertical lines, the price on the chart goes from the yellow arrow to the % as shown by the green price ranges.
The Stoch RSI needs to get above 40 as it has not done so yet and this will break SUPRA out of the downtrend. Also the normal RSI is in a downtrend also as you can see.
On the chart the 0.03252 yellow line is major resistance as well as the current green trendline keeping SUPRA in a downtrend.
The current cross of the Stoch rsi shows an upward move already on the price chart and the estimated target which is exactly where the fib pocket is. If reject there price goes lower to 0.016
Do not forget to smash that rocket like button!
What we see on this chart is SUPRA is in a downtrend still rejecting off fib pocket each time. I have not shown the fib indicators here to show this as the chart would be too messy.
On the Stoch RSI we can see each time it crosses up as shown by the orange vertical lines, the price on the chart goes from the yellow arrow to the % as shown by the green price ranges.
The Stoch RSI needs to get above 40 as it has not done so yet and this will break SUPRA out of the downtrend. Also the normal RSI is in a downtrend also as you can see.
On the chart the 0.03252 yellow line is major resistance as well as the current green trendline keeping SUPRA in a downtrend.
The current cross of the Stoch rsi shows an upward move already on the price chart and the estimated target which is exactly where the fib pocket is. If reject there price goes lower to 0.016
Do not forget to smash that rocket like button!
Trade active
Will SUPRA get above the EMA 8 (blue moving average line) and hit our target?
RSI testing breakout point and Stoch RSI is close to 40 range I spoke about before.
If price hits target and green trendline expect sell pressure and a wick down on the candle to keep both RSI's under the resistance. This will lead to a lower low unless SUPRA can form a bottom type formation pattern such as reversal bullish divergence on daily chart.
Note
Left chart shows nice retest of green trendline SUPRA just broke out from.
Right chart shows trouble looming with SUPRA trying to stay above blue EMA8. A daily candle closed below 0.022 could spell a fake breakout and lower prices to come with the red trendline a likely target for a bounce.
Note
So the blue EMA8 suppressed price again as it has done most of the way down as you can see on the left chart.
A fakeout of the green trendline and price is now back under it.
For SUPRA to breakout we need to see on the right chart where the yellow arrow is on RSI for the white rsi line to stay above yellow. On the LMACD below where green arrow is we want to see a dark green bar formed within next 48hours. This will help everything mentioned to do it's thing to push price back up.
As always I post a bearish plan as this is what you do as a professional, you plan for the best and worst and you react to your analysis and then trade the one that is playing out. If you are one-eyed you will get wrecked over and over again.
So if price does not breakout it should go down to the red trendline on right chart and may even fill my order still sitting at 0.016 if it gets to the red trendline on the left chart.
So we watch for a breakout on a lower timeframe chart (4hour to 30 mins) and long the retest of the green trendline.
I won't do a short as I have buy order below as mentioned so I would rather go long from that area then short a half cent drop in price.
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Related publications
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.