GMX: Sideways Channel
Trade setup: Trading in a Sideways Channel ($30-$60). Swing trader: Enter near support at $30 and Exit near resistance of $60. Trend traders: Wait for a breakout above $60 to signal Uptrend resumption. Our own fundamental research recently highlighted GMX as a big beneficiary of FTX fallout.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $30. The nearest Resistance Zone is $50, which it broke, then $60.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $30. The nearest Resistance Zone is $50, which it broke, then $60.
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