$FHE – Weekly Chart Double Bottom PotentialOn the weekly chart, ASX:FHE appears to be forming a double bottom near $0.065, a level that held as support twice in recent months, indicating strong buying interest. The price is now testing the 50-week MA at $0.085, a pivotal level for confirming a trend reversal. The Stochastic RSI is climbing from oversold territory (below 20), suggesting diminishing selling pressure and potential for a bullish move. However, the Awesome Oscillator remains in negative territory, indicating that momentum is still weak—bulls need a flip to green bars for confirmation.
A Fibonacci retracement from the recent high to low projects resistance at $0.110 (50% level) and $0.140 (78.6% level), viable targets if the double bottom confirms. The Ichimoku Cloud at $0.150 poses a longer-term hurdle. On the downside, a failure to hold $0.065 could see prices slide to $0.050, invalidating the pattern. Volume spikes on dips suggest accumulation, but low overall volume warrants caution.
Trading Plan:
Buy Zone: $0.068–$0.070 (near neckline).
Stop Loss: $0.062.
Take Profit: $0.110, $0.140.
Bearish Scenario: Short below $0.065, targeting $0.050.
Traders should watch for a weekly close above $0.085 to validate the bullish setup. Project-specific catalysts, like Mind Network updates, could drive volatility. Always diversify risk— ASX:FHE ’s low liquidity may amplify price swings. Check TradingView’s community for sentiment and cross-market correlations before acting.
