CHR on a bullish tear
Updated
Over the past week Chromia has gone up 80%, but I believe there might be more in this ons. At this stage of the market cycle we shouldn't be suprised to see 2x or more moves.
Bullish:
- Touching on the -0.618 FIB (daily level)
- Strong bullish divergence on the MACD
- Descending wedge
- On a support level
Bearish:
- EMA's moving closer together
- Price has used the 50 EMA beautifully as support over the past weeks (red arrows) but has now broken below it. Will this mean that it'll also serve as strong resistance?
Setting my stop loss just below the most recent swing low and the 200 EMA.
How do you feel about this setup?
Bullish:
- Touching on the -0.618 FIB (daily level)
- Strong bullish divergence on the MACD
- Descending wedge
- On a support level
Bearish:
- EMA's moving closer together
- Price has used the 50 EMA beautifully as support over the past weeks (red arrows) but has now broken below it. Will this mean that it'll also serve as strong resistance?
Setting my stop loss just below the most recent swing low and the 200 EMA.
How do you feel about this setup?
Trade closed: target reached
Both target reached. Kept 20% open as momentum still seems strong.
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