Piedmont Divergence Update
Hey Folks!
The fact that the current higher low, is disproportionately higher and is more over sold than the previous circled lows, and volume is at 60% of the 10-day, tells me that selling pressure is weakening and I should game plan an entry.
I am looking for bullish divergence to form within this current set of higher lows.
Meaning I want price to fall a little lower and I want to see the RSI establish a higher low.
Once RSI cracks above 50% I will consider the trade.
If my idea fails, then I expect low $50's.
Like i mentioned on my previous idea. There is way more liquidity to the downside, but this is a new and emerging market with big fundamental upside potential. If the NC permits do not get the stamp of approval, it will get ugly. For now it still seems to favor the upside imo.
Also, EV sector may start to heat up soon, lithium stocks will see some gains if so.
Hope this helps anyone!
Happy Trading!
OnePath
The fact that the current higher low, is disproportionately higher and is more over sold than the previous circled lows, and volume is at 60% of the 10-day, tells me that selling pressure is weakening and I should game plan an entry.
I am looking for bullish divergence to form within this current set of higher lows.
Meaning I want price to fall a little lower and I want to see the RSI establish a higher low.
Once RSI cracks above 50% I will consider the trade.
If my idea fails, then I expect low $50's.
Like i mentioned on my previous idea. There is way more liquidity to the downside, but this is a new and emerging market with big fundamental upside potential. If the NC permits do not get the stamp of approval, it will get ugly. For now it still seems to favor the upside imo.
Also, EV sector may start to heat up soon, lithium stocks will see some gains if so.
Hope this helps anyone!
Happy Trading!
OnePath
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.