ALGO (ALGOPERP) – Long signalBUY: 1.12 – 1.18 (Wait for price to reclaim the EMAs before entering)
TARGETS:
1) 1.44
2) 1.77
STOP: When a 4h candle closes below 0.98
Rationale:
-The 100 and 200 EMA have acted as strong support for the duration of the uptrend.
-More recently, the price has been conforming to an ascending channel.
-The RSI has also been moving in a channel and is at a key support/resistance level.
-If the RSI can break and hold above the channel it should also hold above the 200EMA. This is our signal to enter a long position.
-The confluence with the 200EMA and RSI gives us confidence in taking a long position once the EMA is reclaimed as support.
Your risk, your reward. This is not financial advice.
Happy trading.
