MVIS Long position to the upside with potential 14% Gain
MVIS is getting close to a main support level at the $15.30. Expecting to see a bounce back from this support line to the upside with a minor pullback on the descending triangle. Even though the descending triangle is perceived to be a bearish pattern, the chart is looking at a possible revers to the back side from MVIS main support level at $15.30. A breakout of the triangle may indicate a major move to the upside back to $23.00. Beware of a false breakout, but if MVIS pulls back and bounces off the descending triangle, we may experience a 14% move the upside back to MVIS next main resistance level at $23.00.
MVIS Long Position:
Entry: 16.20
1st profit target: 25% @ 16.65
2nd profit target: 50% @ 17.35
3nd profit target: 25% @ 23.00
SL: 16.02
Risk to reward ratio: 2.68
MVIS Long Position:
Entry: 16.20
1st profit target: 25% @ 16.65
2nd profit target: 50% @ 17.35
3nd profit target: 25% @ 23.00
SL: 16.02
Risk to reward ratio: 2.68
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