MSTR: A Major Breakout! (D&W charts).MSTR is demonstrating significant bullish momentum as observed on both the daily and weekly charts.
On the daily chart, MSTR has recently broken out above the critical resistance level of 1740.00. This breakout is supported by the ascending trendline that has been in place since early May, providing a clear upward trajectory for the price. The 21-day EMA, currently at 1519.87, is also acting as a dynamic support, reinforcing the bullish sentiment.
The weekly chart further confirms this bullish outlook. The price has continued to climb, now targeting the next resistance level near 2000.00. This level is significant as it marks a psychological barrier and previous high. The 21-week EMA, positioned at 1384.16, shows a well-established uptrend that has been respected over the past several months. The recent price action indicates strong buying interest, as evidenced by the solid bullish candles forming in the past few weeks.
Could it reverse the bullish sentiment? Sure, but it will need to reject last week's candlestick along with the 21-day EMA. For now, MSTR is above its support levels, not demonstrating any top signal, while it is breaking its key resistance at 1,740. Therefore, the sentiment is very bullish for now.
Overall, MSTR's price action suggests a robust upward trend, with key levels of support and resistance clearly defined. The break above 1740.00 on the daily chart, coupled with the sustained uptrend on the weekly chart, points towards continued bullish momentum, potentially targeting the 2000.00 resistance level in the near term. We should keep an eye on these levels and the underlying EMA support for any signs of reversal or continuation in this trend.
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Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
