Watching TRX: Aroon, Stochastic, RSI and Channel
Hi all,
TRX has been in a downward channel for some time now, with low buying power (as indicated by the green Aroon Up line). Let's take a look.
Levels to watch, indicated with orange circles:
- RSI: might form bullish divergence if it bounces off of the green line, while also breaking through 30 (thus, moving from oversold to neutral = bulls getting more control);
- Aroon: Up and Down might cross, indicating more buying power;
- Stoch: becoming oversold. A quick cross from blue over orange upwards might indicate a bullish trend forming.
Other levels:
- Red line: key resistance at .618 Fibonacci retracement level, possible target when the channel breaks up;
- Green line: key support at .786 Fibonacci retracement level, hoping to close above today.
Let me know your thoughts on this! :)
TRX has been in a downward channel for some time now, with low buying power (as indicated by the green Aroon Up line). Let's take a look.
Levels to watch, indicated with orange circles:
- RSI: might form bullish divergence if it bounces off of the green line, while also breaking through 30 (thus, moving from oversold to neutral = bulls getting more control);
- Aroon: Up and Down might cross, indicating more buying power;
- Stoch: becoming oversold. A quick cross from blue over orange upwards might indicate a bullish trend forming.
Other levels:
- Red line: key resistance at .618 Fibonacci retracement level, possible target when the channel breaks up;
- Green line: key support at .786 Fibonacci retracement level, hoping to close above today.
Let me know your thoughts on this! :)
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