Lohia Corp is showing strong bullish momentum after breaking above its important resistance zone around 600–605. If we observe the hourly chart this level had rejected price multiple times over the last few months. Every attempt to cross this resistance attracted sellers and pushed the stock lower. But this time buyers finally managed to break through and the stock rallied towards 635–640. What makes this setup even more interesting is the recent retest. Price returned towards the same breakout zone around 600–605 but instead of falling below it buyers stepped in and pushed the stock higher again. This is a classic resistance turning into support structure. It suggests that sellers are losing control at a level they previously defended aggressively while buyers are becoming more confident.
Now the stock has recovered towards 638 and is once again attempting to move above its recent high. The RSI has also climbed back towards 70 which shows that bullish momentum is returning after the retest. If price sustains above 635–640 we could see another strong expansion towards 660–670 as marked on the chart. Traders who were waiting for a deeper correction may now be forced to chase the move while short sellers could start covering their positions. The most important thing is that the breakout has already happened and the retest has also been completed successfully. As long as 600–605 continues acting as support the bullish structure remains strong. This is no longer just a breakout attempt. Buyers have already defended the breakout zone and now the stock looks ready for its next leg of momentum.
Now the stock has recovered towards 638 and is once again attempting to move above its recent high. The RSI has also climbed back towards 70 which shows that bullish momentum is returning after the retest. If price sustains above 635–640 we could see another strong expansion towards 660–670 as marked on the chart. Traders who were waiting for a deeper correction may now be forced to chase the move while short sellers could start covering their positions. The most important thing is that the breakout has already happened and the retest has also been completed successfully. As long as 600–605 continues acting as support the bullish structure remains strong. This is no longer just a breakout attempt. Buyers have already defended the breakout zone and now the stock looks ready for its next leg of momentum.
📌 Join Trading Community 👇
Telegram : 👉telegram.me/chartifyy
Instagram: 👉 instagram.com/chartifyig?igsi=Y2ZiODZtczZ2aDA=&utm_source=qr
Telegram : 👉telegram.me/chartifyy
Instagram: 👉 instagram.com/chartifyig?igsi=Y2ZiODZtczZ2aDA=&utm_source=qr
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📌 Join Trading Community 👇
Telegram : 👉telegram.me/chartifyy
Instagram: 👉 instagram.com/chartifyig?igsi=Y2ZiODZtczZ2aDA=&utm_source=qr
Telegram : 👉telegram.me/chartifyy
Instagram: 👉 instagram.com/chartifyig?igsi=Y2ZiODZtczZ2aDA=&utm_source=qr
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.