COMP: Pullback in Uptrend
Compound (COMP) technical analysis:
Trade setup: Price broke above 200-day MA with huge volumes and confirmed a bullish trend reversal. It’s also broken above $70 to signal uptrend resumption and hit a high of $87 where some trader began taking profits. Priced pulled back to the nearest support of $60, which also lines up with Fibonacci levels of $62 (38%) and bounced right off of that. Upside potential to $90 next.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $60 (previous resistance), then $47. The nearest Resistance Zone is $70, which it broke, then $93.
Trade setup: Price broke above 200-day MA with huge volumes and confirmed a bullish trend reversal. It’s also broken above $70 to signal uptrend resumption and hit a high of $87 where some trader began taking profits. Priced pulled back to the nearest support of $60, which also lines up with Fibonacci levels of $62 (38%) and bounced right off of that. Upside potential to $90 next.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $60 (previous resistance), then $47. The nearest Resistance Zone is $70, which it broke, then $93.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.