FFM -- ASX – Breakout Consolidation in Focus

30 Jun

📝 Description
Firefly Metals is setting up a classic breakout continuation scenario after reclaiming the $1.00 psychological level and breaking the long-term trendline resistance.

🔹 Key Observations:
• Trendline Break: The descending trendline from the prior high was decisively breached, signaling a structural shift.

• Accumulation Zone: Price has consolidated in a tight range above $1.00, forming a bullish flag or box accumulation.

• EMA Cluster Support: Both the 15 and 60 EMAs are aligned below the consolidation, providing dynamic support.

🔹 Potential Scenarios:
✅ Bullish Continuation:

A clean breakout above the top of the blue box could trigger a momentum rally toward $1.30 and ultimately the $1.38–$1.50 resistance levels.

✅ Deeper Pullback:
If price loses the $1.00 support decisively, a retracement to retest the breakout base is possible.

Trade Plan:
I am monitoring for a confirmed breakout candle with volume expansion to validate the continuation thesis.

• Entry trigger above the range high ($1.10 area)
• Stops below recent swing low / $1.00 level
• First target: $1.30 resistance

As always, risk management first—no breakout, no trade.

#MJTrading

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16 Jul

Dagangan aktif

Primary Breakout from Consolidation happened as expected...