Key levels to watch
While the structure is building constructively, and a decline from here isn't my first pick, it is possible that we just continue to chop. But, for now I am bullish on RDDT for the next few weeks, and I will continue to update you here as it plays out.
- Support: 108–110. This zone held on the most recent pullback and aligns with prior structure.
- Short-term target: 125–126. If price breaks and holds above this level, it suggests momentum is building.
- Overhead Resistance: 130. Clearing and holding above this level is what would turn this from a bounce into something with more swing potential.
- Upside potential: 155–166, if price can build a base above 130
While the structure is building constructively, and a decline from here isn't my first pick, it is possible that we just continue to chop. But, for now I am bullish on RDDT for the next few weeks, and I will continue to update you here as it plays out.
Note
Latest update on RDDT, we are in a digestion zone!-On June 17, price spiked up intraday to $146.16 before getting rejected, leaving a long upper wick on the daily.
-Since then, RDDT has mostly stayed in that range, between roughly $134 and $146.
-The last three days of last week, price broke above that zone, tagged $154, and then drifted back down.
-That candle from June 25 was a bearish one, and the two days that followed formed inside bars within it.
Now we’re just waiting to see if this digestion resolves up or down, and whether price reclaims momentum to break to new recent highs (not all-time highs), or if it loses that range and pulls back further.
On the weekly chart, the 10 EMA is just about to cross above the 20 EMA, and the moving averages are starting to get in order again. This crossing is a bullish signal, or at least supportive of an ongoing climb. If the overall market momentum remains strong to the upside, I could see another leg up!
Emanuela | thetraderreset.com
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.
Emanuela | thetraderreset.com
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.