Trade setup: Price is in a downtrend, trading below 200-day moving average (~$1.87). However, it's trading in a Falling Wedge pattern, which typically resolves in a bullish breakout and a trend reversal. We wait for a breakout, above $1.80 level and 200-day MA to resume an Uptrend, with +40% upside potential to $2.50.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order. Learn to trade chart patterns in Lesson 8.
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.95. Nearest Resistance Zone is $1.90, then $2.50.
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