UTME ready to start the climb back to 25+?
Hello traders, speculators, and investors,
Let's talk about UTME. It is finally out of an extended bear cycle that has lasted since June 17th where it declined about 60 dollars from the open and started a massive bear trend. Daily levels of resistance and support are on the chart. Can UTME make it back towards 100? Possibly but unlikely in the short run. However it is clearly reversing a downtrend as of July 8th and is likely going to try and retest 15.18, 20.59, and 30.61 as it attempts to regain its mid-range between the 30.61 and 54.84 level.
The volume profile is impressive and the macD on the daily is priming for a bullish cycle. The RSI is low on the daily and seems to indicate a buying opportunity for a long position. The 15 min and 1 hour moving averages are leaning toward strong buy to buy. Now the other side. The 4 hour, daily, and weekly aren't exactly rosy. They still lean bearish and this could possibly be indicative of nothing but a dead cat bounce. That is the scenario that bearish investors would hope for.
Personally I see this retesting up to the 20.59 level and if possible the psychological level of 25. If that holds then there is likelihood that this consolidates sideways for an extended period and stays above the 12 dollar level then tries to retest a rebuild to the mid range upper levels. Time of course will tell.
Cautious traders may want to wait until the psychological 15 dollar level is tested and enter towards that 20.59 and psychological level of 25.
Do you own DD but a moderate level of risk leans towards a continuation of a new upward trend if it holds around the 12s.
Not financial advice. Want to comment? Do below or on the Reddit sub ApesInvest.
Let's talk about UTME. It is finally out of an extended bear cycle that has lasted since June 17th where it declined about 60 dollars from the open and started a massive bear trend. Daily levels of resistance and support are on the chart. Can UTME make it back towards 100? Possibly but unlikely in the short run. However it is clearly reversing a downtrend as of July 8th and is likely going to try and retest 15.18, 20.59, and 30.61 as it attempts to regain its mid-range between the 30.61 and 54.84 level.
The volume profile is impressive and the macD on the daily is priming for a bullish cycle. The RSI is low on the daily and seems to indicate a buying opportunity for a long position. The 15 min and 1 hour moving averages are leaning toward strong buy to buy. Now the other side. The 4 hour, daily, and weekly aren't exactly rosy. They still lean bearish and this could possibly be indicative of nothing but a dead cat bounce. That is the scenario that bearish investors would hope for.
Personally I see this retesting up to the 20.59 level and if possible the psychological level of 25. If that holds then there is likelihood that this consolidates sideways for an extended period and stays above the 12 dollar level then tries to retest a rebuild to the mid range upper levels. Time of course will tell.
Cautious traders may want to wait until the psychological 15 dollar level is tested and enter towards that 20.59 and psychological level of 25.
Do you own DD but a moderate level of risk leans towards a continuation of a new upward trend if it holds around the 12s.
Not financial advice. Want to comment? Do below or on the Reddit sub ApesInvest.
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