Market Phase & Period:
Uptrend. February 2022 - November 2022
Description:
The trend reached its highs in November 2022 but failed to continue in February 2023, making a double top pattern.
The selling pressure observed in February-March 2023 indicates weakness in the bullish momentum, with the price easily reaching $47.
April showed some positive movement for the bulls, where the price reached $62 and remained around that level.
There has been a decrease in volume since November 2022, indicating a reduced interest in the stock.
Action:
Considering a short trade with a target at $40 and a stop above the level. The RR ratio is not great, but decent.
Risks:
One risky aspect is the low volume on the day of the trade, but let's see how it plays out.
P.S. When I refer to the "price," I mean the area near the price. It's important to note that the price always needs some space to move.
Uptrend. February 2022 - November 2022
Description:
The trend reached its highs in November 2022 but failed to continue in February 2023, making a double top pattern.
The selling pressure observed in February-March 2023 indicates weakness in the bullish momentum, with the price easily reaching $47.
April showed some positive movement for the bulls, where the price reached $62 and remained around that level.
There has been a decrease in volume since November 2022, indicating a reduced interest in the stock.
Action:
Considering a short trade with a target at $40 and a stop above the level. The RR ratio is not great, but decent.
Risks:
One risky aspect is the low volume on the day of the trade, but let's see how it plays out.
P.S. When I refer to the "price," I mean the area near the price. It's important to note that the price always needs some space to move.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.