CREAM Surges with Breakout Momentum: Eyes Set on $100!
Key Observations:
Ascending Channel Breakout:
The price has been trading within an ascending channel, with higher highs and higher lows.
A breakout from the channel is observed, with the price rising sharply from around $43 to $71.34 , indicating strong bullish momentum.
Support and Resistance Levels:
Major support levels identified: $15.59 and $42.34.
Major resistance levels identified: $58.57, $70.50 , and $100.45.
Volume and Price Action:
The volume appears to have increased significantly during the breakout, confirming the strength of the upward movement.
Candlestick Patterns:
The chart shows a large bullish candlestick, indicative of strong buying interest.
Indicators:
Stochastic RSI at the bottom of the chart is showing an underbought condition (below 20 level). This may indicate potential for a long-term bullish.
Technical Analysis:
Breakout Confirmation:
The price broke out of the ascending channel with a strong bullish candle, suggesting a possible continuation of the uptrend.
After breaking above $58.57 (previous resistance), the price surged to $71.34, confirming the breakout.
Potential Pullback:
Given the overbought condition on the Stochastic Oscillator, a pullback or consolidation phase might be imminent before further upward movement.
A retest of the breakout level around $58.57 or even the $42.34 support level is possible, which would be a healthy correction.
Price Targets:
Short-term target : The price could aim for $70.50 again, as it is the immediate resistance.
Mid-term target : If the bullish momentum continues, the next target would be $100.45, which aligns with the measured move from the breakout.
Long-term target : Sustained momentum could push the price beyond $100.45, but this would require continuous strong buying pressure and favorable market conditions.
I will keep updating this chart overtime
