REQ Contrating Triangle 4H Chart LONGHello everyone,
On the Request Network (REQ) 4H chart, price has been stuck between the horizontal support and the diagonal resistance for a long time.
First of all, the price will break the diagonal resistance in the very near future, and then not surprisingly, it can be expected to retest this line. Initial buy can be made at current levels or by retesting the diagonal resistance.
However, it should not be ignored that the price bounces off the lower horizontal support (0.3699) in this process. If this happens, the average can be lowered by buying again at 0.3699.
Profit levels are 0.4316 and 0.5143. Please sell gradually while you take your profit.
However, the stop-loss area shown on the graph with the purple rectangle should be taken into account, as risk management should always be acted upon.
Do not forget to put a stop-loss at a point between 0.3000 and 0.3387, which will give flexibility of movement to the price depending on your own risk management.
Farewell
