PSIL Head and Shoulders confirmed. Here's what I'm looking forWeekly consolidation has started in the sector ETF and so far is very healthy shallow consolidation. This remains a weekly bullflag unless bears can prove it's not.
We must keep an eye on the broader market, although the sector held up remarkably well on Friday on a very red day in the indicies.
PSIL trade ideas
PSIL healthy sideways consolidation in very tight rangeHealthy consolidation sideways for three days after breaking through monthly resistance at $17 which we are how holding as support. Volume still meagre, still waiting for this to ramp up significantly to let us know the herd is entering the trade along with us.
Support: 17.03, 16.94, 16.80
Resistance: 17.15, 17.41, 17.60
Value Investing: STOCKS to watch in 2024Hi Traders, Investors and Speculators of Charts📈📉
Welcome to 2024🥂🥳
After great feedback from the altcoin list, I'll be doing a series on top stocks to watch for 2024, all in one post for your convenience!
Stocks I'll focus on include:
📢 Undervalued stocks
📢 Stocks with great upside potential
📢 New stocks to watch
I'll keep adding/updating one by one to the bottom of this post, so make sure you bookmark and follow!
1) AMEX:PSIL
The AdvisorShares Psychedelics ETF (NYSE ticker: PSIL) invests in the emerging psychedelic drugs sector, offering exposure to those biotechnology, pharmaceutical and life sciences companies we see as leading the way in this nascent industry.
potential PSIL breakout from descending wedge. 5:1 RR, PSIL etf looks to be breaking out above the descending wedge it has been consolidating in. Top holding for the ETF (CYBN) is holding a meeting on Nov 30, 2023 to go over results of their clinical study on depression. Could be a breakout time for the psychedelic sector. Waiting for some confirmation on a breakout, and could take profit at 2.25 level.
Disclosure: amateur swing trader, not a pro yet