ADIL - Retrace To Support - Good Entry?

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Adial Pharmaceuticals, Inc (NASDAQ:ADIL)

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NASDAQ:ADIL Adial Pharmaceuticals, Inc

ADIAL saw an increase in volume and runup to 3.30 after which we saw a retrace to the 2.18 support level that held nicely. The upward trendline has been holding consistently on the daily and weekly charts. I am looking for a bullish engulfing or gap up opening with retrace to higher low to confirm the breakout continuation to test resistance at 2.82. If we can break through the 2.82 resistance level, I am looking for a price target of 3.30.

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Note: Earnings reports due on the 03 of March will make or break this breakout. If we get positive earnings this breakout could be significant.

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