Long
Crunch time for STR
Updated
Today (or tonight) could be a decisive moment for STR.
We are approaching a point where multiple trendlines, both longer term and shorter term ones, converge with the 61.8 fib line towards a spot area that might mark an important point for STR.
(see blue arrows).
For one, we are now pretty much smack bang in the middle of two long-term trendlines (purple dotted lines).
Additionally, we are getting wedged in between the 0.382 fib speed resistance fan level support, the most recent uptrend (yellow dotted line), as well as the downtrend coming down from the recent high of 449 (red line).
So the big question: Quo vadis STR?
If we manage to break the 61.8% fib level at 312 again while breaking the downtrend line (red), we could see the next rally to the last Gann fan 8/1 resistance line, but that won't be easy to crack. If STR punches through, that might be the recoil before the breakout.
I'll keep my eye glued to two main signals that might mark the breakout from a cup handle.
After that potential scenario, I suspect a susbstantial rally is on the cards indeed.
Aloha!
moontumble
We are approaching a point where multiple trendlines, both longer term and shorter term ones, converge with the 61.8 fib line towards a spot area that might mark an important point for STR.
(see blue arrows).
For one, we are now pretty much smack bang in the middle of two long-term trendlines (purple dotted lines).
Additionally, we are getting wedged in between the 0.382 fib speed resistance fan level support, the most recent uptrend (yellow dotted line), as well as the downtrend coming down from the recent high of 449 (red line).
So the big question: Quo vadis STR?
If we manage to break the 61.8% fib level at 312 again while breaking the downtrend line (red), we could see the next rally to the last Gann fan 8/1 resistance line, but that won't be easy to crack. If STR punches through, that might be the recoil before the breakout.
I'll keep my eye glued to two main signals that might mark the breakout from a cup handle.
After that potential scenario, I suspect a susbstantial rally is on the cards indeed.
Aloha!
moontumble
Trade active
Note
Having said that, close observation is recommended, as the wedge and support could turn into a major resistance if punters get frustrated, insecure, or whales bank on a convenient time to dump. Always manage your risk!
Trade active
Yearly pivot on 642, that'll be tough nut to crack, but it's easy to get severely bull-trapped in such a strong rally. We pierced right through the fib speed line, and almost touched the 642.
If this resistance pivot can be cracked (I'm strongly confident it will be), boy, I suspect there's gonna be little holding back for a while.
Trade with care, and good luck!
Note
Easy Tiger! Don't enter in a a cataclysmic bulltrap at 650... Wait for indicator confirmations! You kight miss out on some but might loose many! I have to pace myself here! lol
Note
might
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