FFM -- ASX – Breakout Consolidation in Focus
📝 Description
Firefly Metals is setting up a classic breakout continuation scenario after reclaiming the $1.00 psychological level and breaking the long-term trendline resistance.
🔹 Key Observations:
• Trendline Break: The descending trendline from the prior high was decisively breached, signaling a structural shift.
• Accumulation Zone: Price has consolidated in a tight range above $1.00, forming a bullish flag or box accumulation.
• EMA Cluster Support: Both the 15 and 60 EMAs are aligned below the consolidation, providing dynamic support.
🔹 Potential Scenarios:
✅ Bullish Continuation:
A clean breakout above the top of the blue box could trigger a momentum rally toward $1.30 and ultimately the $1.38–$1.50 resistance levels.
✅ Deeper Pullback:
If price loses the $1.00 support decisively, a retracement to retest the breakout base is possible.
Trade Plan:
I am monitoring for a confirmed breakout candle with volume expansion to validate the continuation thesis.
• Entry trigger above the range high ($1.10 area)
• Stops below recent swing low / $1.00 level
• First target: $1.30 resistance
As always, risk management first—no breakout, no trade.
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FFM trade ideas
FFM Targeting 1.5??Hi dear trading lovers and FFM buyers...
PLEASE NOTE THAT THIS IS ONLY AN ANALYSIS AND COULD BE WRONG...
Chart and lines are explaining my idea...
SEEMS FFM is in a uptrend targeting 1.5 and finally 1.7...
Also note that:
"Macquarie has initiated coverage of FireFly Metals with an Outperform rating and set a price target of A$1.50"