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Waves to 17 USD or more!! Daily chart shows pennant formation
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Summary
Pennant formations do not guarantee a bullish breakout but often times indicate a previous trend continuation. I believe Waves to breakout in a bullish fashion. I'm in with 110 waves coins at 12.20 USD. Good luck!
Price Target:
Based on the daily charts we can hope for a bullish breakout. In this case the first target level would be 17 USD. Some consolidation would probably take place there and then test the low 20's. How did I get my target price? There are generally two methods. One is to draw a continuation trend from the last successive highs. The other method is to take the width of the current pennant and apply that to the breakout point. I chose 17 USD as a first target level because it has shown to be a previous resistance level.
References:
[url=http://stockcharts.com/school/doku.php?id=chart_school%3Achart_analysis%3Achart_patterns%3Asymmetrical_triangle_continuation
Pennant formations do not guarantee a bullish breakout but often times indicate a previous trend continuation. I believe Waves to breakout in a bullish fashion. I'm in with 110 waves coins at 12.20 USD. Good luck!
Price Target:
Based on the daily charts we can hope for a bullish breakout. In this case the first target level would be 17 USD. Some consolidation would probably take place there and then test the low 20's. How did I get my target price? There are generally two methods. One is to draw a continuation trend from the last successive highs. The other method is to take the width of the current pennant and apply that to the breakout point. I chose 17 USD as a first target level because it has shown to be a previous resistance level.
References:
[url=http://stockcharts.com/school/doku.php?id=chart_school%3Achart_analysis%3Achart_patterns%3Asymmetrical_triangle_continuation
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注释
For some reason the links did not show but here are my references:investopedia.com/terms/p/pennant.asp?lgl=rira-layout
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle_continuation
注释
Market is in global downtrend! Hold until waves gets back to the price you bought it at or higher!
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