Price action shows a near-term double bottom forming(yellow arrows). Price has reacted well to the current support zone.
If we continue to get bullish volume over the next couple of days, price action should be able to break above resistance at the conversion line(blue).
If the price fails to break through the conversion line (blue), expect another test at the support level.
Should the price break above the conversion line (blue) and close with the line acting as support, we could see a near-term test at the base-line (red)
Ideally, the best entry would be at support, and our stop would be placed under the support zone.
Maximum upside potential: 55.45%
Maximum downside potential: 10.16%
Risk/Reward: 5.46
If we continue to get bullish volume over the next couple of days, price action should be able to break above resistance at the conversion line(blue).
If the price fails to break through the conversion line (blue), expect another test at the support level.
Should the price break above the conversion line (blue) and close with the line acting as support, we could see a near-term test at the base-line (red)
Ideally, the best entry would be at support, and our stop would be placed under the support zone.
Maximum upside potential: 55.45%
Maximum downside potential: 10.16%
Risk/Reward: 5.46
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