Hello Pal Huge Trade Potential [PENNYSTOCK]Right out of the gate I want to point out that if you are not a user of stop losses or alerts then this trade is probably not for you as this is an illiquid asset which carries much risk.
With that being, said if you are disciplined and experienced, then we have a very intriguing trade setup here in Hello Pal International. A stock with a very low marketcap that has appeared to be exiting a distribution phase that it has been in since March.. fast forward to August and it now appears to be entering an accumulation phase if a few of the following things hold true:
1) We hold support above the $0.4609 level. This is the key level to watch as this level would be significant if held as it corresponds to the .236 fibonacci retracement of the recent all time high all the way down its second lowest low in its history, put in last September. So the fact that price has climbed its way all the way back to the level it is at right now is no small feat and requires much attention from a bullish perspective.
2) We find ourselves right above the support of another .236 fib retracement level.. this retracement however corresponds with the all time high just down to the most recent swing low at $0.4259.
This is some nice bullish confluence that seems to suggest that HLLPF could be gearing up for a major run soon.
Exactly where we are right now just $0.5095 is a decent long area with the optimum long being inside of the buy zone in green.
This means you would be very wise to have stops just below $0.4259 area as things could get very volatile quickly if there is a daily candle close below this price point.
On the other hand if support is maintained here, you could be looking at a 35% gain before hitting the first real signficant level of resistance at around $0.7042.
Above that the next major resistance level would be the 50% fib retracement of the all time high to September low mentioned earlier. If that level is reached and held as support, there would not be much in its way until the common reversal area of the .786 fibonacci level.. all the way up near $1.46. If this price point is reached that would be a total of 180% approximately. And that is assuming that the asset puts in a bearish lower high. In other words, this could go much higher.
*EXPERIENCED TRADERS ONLY
**PLZ USE STOP LOSSES AND ALERTS
***NOT FINANCIAL ADVICE
