KBEV unpacked; where to next Captain?
Alright lets get right into the meat and potatoes here, many of us are wondering what the next few moves are going to look like so here we go.
Looking at the daily chart we can see previous support and resistance following the 200MA; this is a clear critical level to keep eyes on. We are about to see in the next few days whether this level is tested as a support for rebound, although the likelyhood of this seems a little bleak to me at the moment as a large bearish pennant is clearly printed on the daily with lower volume. Albeit lower seller volume is happening, the larger fractal moment doesn't lie, we may drop lower underneath the 200MA. From there the larger wedge support on the daily would likely be tested around 0.29.
Assuming we have increased buy volume bouncing off of the 200MA, 0.425-0.435 would definitely be the next fib retracement level to watch as this level would need to be breached leading us to retest 0.50. This would be a clear indicator we are heading to test a new ceiling, but I'd hold on and see over the next few days first as some consolodation would definitely occur for awhile. RSI at 40 thought is interesting indeed because it does commonly support cause from bullish leg up!
If 0.425-0.435 is tested and fails again I'm almost certain we are heading right down to that lower support wedge.
**Buying and Selling are solely your responsibility and cover all your bases....due your due diligence, never buy because ANYONE tells you to!**
Enjoy the trades big money makers!
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