NINE 12/20/2022
Updated
NINE
This one has been a nice one so far. See original analysis below
15 min chart analysis
Since the breakout point at and start of uptrend at around 4.00, price topped out at 11.00 for a nice 175% gain.
Once reaching high of 11.00, price entered its 1st consolidation stage. It has been moving sideways in form of an ascending triangle.
It seems like the ascending triangle pattern is near completion with the buyers overtaking the sellers at almost every level.
Price will now look to break out of triangle pattern and enter the second leg of its parabolic uptrend.
After reaching the resistance area of the triangle, price bounced down but has been caught by the dynamic support of the 50ema.
Along with being at a support level (50ema), there is an oversold Stochastic reading letting us know that sellers have exhausted themselves.
The sellers now find themselves exhausted at a support level in what looks to be a completed bullish triangle pattern. Expect the buyers to take advantage of the tired sellers and find momentum from the 50ema to breakout from pattern and continue its uptrend.
Uptrend + pullback to support + oversold stochastic = Long entry
This is probably the last chance to enter before momentum starts to expand and we really start to see some violent price action to the north.
Santa coming to town on this one!
Entering trade long.
Entry: 10.52
Stoploss: 9.82, -6.57%
Target #1: 14.75, +40.06%, 6.1 RR ratio
Target #2: Trail 50ema
Note
gotta love it!thank you, Jesus Christ!
Note
Updating to Target #1 to: 22.00, +109.13%, 16.4 RR ratio
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