Long
Elastic Waiting Time
Elastic has been trading downwards for over a month now, losing 85% to the USD. Price declined from $1.23 down to $0.17 where bullish divergence was formed by the RSI oscillator.
Then XEL/USD broke the downtrend trendline, however, failed to produce a higher high and has been consolidating for two weeks. Recently the RSI showed that the price of Elastic is oversold, but at the same time, it failed to break above the downtrend trendline formed during the consolidation.
At this point for Elastic to move higher, a break and close above $0.3 is required, unless that happens price could decline back to $0.17 or even lower prior to the trend reversal.
Then XEL/USD broke the downtrend trendline, however, failed to produce a higher high and has been consolidating for two weeks. Recently the RSI showed that the price of Elastic is oversold, but at the same time, it failed to break above the downtrend trendline formed during the consolidation.
At this point for Elastic to move higher, a break and close above $0.3 is required, unless that happens price could decline back to $0.17 or even lower prior to the trend reversal.
Nota
Elastic confirming the uptrend, while breaking the resistance!
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.