TGIFF
has been trading in that 50% channel for 4 months now 0.40 - 0.60
couple things i noticed about the chart that may pass over on first glance:
~~~ It seems to make its move UP from .4 to .6 a lot quicker than it has been taking to move back down. (the most recent drop was more rapid than previous several times, however)
That kind of tells me that bulls are eager to pounce on it once the selling pressure is relieved some. However, they have yet to keep that momentum going to push it beyond 0.60 as of yet. If the trend continues, i would imagine it will take a week or less to make that jump up to 0.60 area. Even more likely seeing how it has been sideways for 3 weeks now
~~~ the RSI has been slightly diverging over those last several months.
its early march high was .617 while the RSI was 56 ; and mid april high was 0.58 but RSI of 59
Assuming an entry of 0.40 ... S/L at 0.36 and target at 0.60 offers a good 1:5 RR ratio