TIA: Support Breakout
Trade setup: Price is in a downtrend and broke below $5.00 support. However, near-term, it appears very oversold (RSI < 25) and could bounce up.
Pattern: Support Breakout. Once a price breaks below a support zone, it signals that supply from sellers has overwhelmed demand from buyers at this level and price is likely to decline further. Following a support breakout, the next closest support zone becomes a price target. Learn to trade key levels breakouts in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is Oversold currently, based on RSI-14 levels (RSI < 30).
Support and Resistance: Nearest Resistance Zone is $6.00, then $8.00.
Pattern: Support Breakout. Once a price breaks below a support zone, it signals that supply from sellers has overwhelmed demand from buyers at this level and price is likely to decline further. Following a support breakout, the next closest support zone becomes a price target. Learn to trade key levels breakouts in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is Oversold currently, based on RSI-14 levels (RSI < 30).
Support and Resistance: Nearest Resistance Zone is $6.00, then $8.00.
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