CYRN. Test entry, watching for breakthrough of $1.80-$2.00 zone
Updated
CYRN just had the "golden cross" where the 50 DMA crossed the 200 DMA. TRIX and momentum are also trending up. The weekly and monthly trend keep hitting higher lows, but there seems to be some resistance at the 200 WMA. Further, the monthly chart has triple top "pinbars" indicating selling pressure, keeping the price below the $1.80-$2.00 zone. I'll be looking for a pullback to $1.05-$1.15 for a small test entry. I want to see CYRN cross the 200 WMA, then the $1.80-$2.00 resistance zone. If it breaks out of that zone I'll be looking to buy more. Otherwise, I'll probably sell the test entry if it bounces off the 200 WMA.
Comment
Didn't make the edits in time. Here's my edited commentary.CYRN just had the "golden cross" where the 50 DMA crossed the 200 DMA. TRIX and momentum are also trending up. The weekly and monthly trend keep hitting higher lows, but there seems to be some resistance at the 200 WMA. Further, the monthly chart has triple top "pinbars" indicating selling pressure, keeping the price below the $1.80-$2.00 zone. Historically, CYRN has respected the ~$1.35-$1.50 zone for support and resistance pretty regularly.
I'll be looking for a pullback to $1.05-$1.15 for a small test entry. I want to see CYRN cross the $1.35-$1.50 zone, the 100 WMA, the 200 WMA, then the $1.80-$2.00 resistance zone. That's a lot of zones to break through, which does not seem promising. Still, if it breaks through all of those zones I'll be looking to buy more. Otherwise, I'll probably sell the test entry if it bounces off any of those zones.
Opinions not advice. Posting this to keep myself accountable and to document my ideas.
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