Fantom is in a downtrend since February 2023.
Fantom’s PA created a descending channel, with the 50D EMA acting as additional resistance.
Today (October 23rd), FTM broke out of the channel and formed a bullish ChoCh.
Fantom presents a long opportunity. IMO, you should consider the following factors:
Pros:
1. FTM is above the 21D & the 50D EMAs.
2. Channel breakout.
3. FTM is above the immediate resistance level of 22 Cents.
Cons:
1. the daily RSI is elevated. Daily RSI is at 74. I am not sure it can support continuation without a pullback.
2. The channel resistance line was not tested as support.
3. the 22 Cent level was not tested as support either.
4. Fantom made more than 25% gains in five days. This pace is unsustainable.
Suggestion:
Wait for a pullback. A pullback will confirm the trend and show us where the support is.
Possible Trade Ideas:
Trade Idea 1:
• Entry: 0.21 (ChoCh line)
• SL: 0.19 (just below the 50d EMA)
• Target: 0.31(weekly resistance)
• TP: 0.26 (200D EMA), 0.31
• R: R: 1:3.8 to first TP.
Consider leaving some on the table. FTM could go much higher.
Trade Idea 2:
• Entry: 0.22 (local s/r flip)
• SL: 0.205 (ChoCh line)
• Target: 0.31(weekly resistance)
• TP: 0.26 (200D EMA), 0.31
• R: R: 1:2.8 to first TP.
Consider leaving some on the table. FTM could go much higher.
NFA.
What do you think? Please share in the comments.
Best Wishes.
Fantom’s PA created a descending channel, with the 50D EMA acting as additional resistance.
Today (October 23rd), FTM broke out of the channel and formed a bullish ChoCh.
Fantom presents a long opportunity. IMO, you should consider the following factors:
Pros:
1. FTM is above the 21D & the 50D EMAs.
2. Channel breakout.
3. FTM is above the immediate resistance level of 22 Cents.
Cons:
1. the daily RSI is elevated. Daily RSI is at 74. I am not sure it can support continuation without a pullback.
2. The channel resistance line was not tested as support.
3. the 22 Cent level was not tested as support either.
4. Fantom made more than 25% gains in five days. This pace is unsustainable.
Suggestion:
Wait for a pullback. A pullback will confirm the trend and show us where the support is.
Possible Trade Ideas:
Trade Idea 1:
• Entry: 0.21 (ChoCh line)
• SL: 0.19 (just below the 50d EMA)
• Target: 0.31(weekly resistance)
• TP: 0.26 (200D EMA), 0.31
• R: R: 1:3.8 to first TP.
Consider leaving some on the table. FTM could go much higher.
Trade Idea 2:
• Entry: 0.22 (local s/r flip)
• SL: 0.205 (ChoCh line)
• Target: 0.31(weekly resistance)
• TP: 0.26 (200D EMA), 0.31
• R: R: 1:2.8 to first TP.
Consider leaving some on the table. FTM could go much higher.
NFA.
What do you think? Please share in the comments.
Best Wishes.
ノート
FTM is testing the 22 cent level for support. If it will flip this level to support, it's on.
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免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。