AMBER - Symmetrical Triangle Pattern - BreakOut Expected Soon
Amber has entered into the growth phase after a long period of decline and consolidation.
It has just crossed its resistance line, and looks ready for a breakout to levels of 3300 and 3700 respectively. The volumes and technicals are supporting the movement upside.
The earlier resistance at 3000 is now acting as support.
Symmetrical pattern can go either ways. hence it will be prudent to put a stop loss at 2900 if you purchase at current levels.
Alternatively wait for 3100, which should confirm the trend and then purchase and keep a stop loss near 3000 levels.
Supporting Technicals:
RSI: 60.7 (Bullish but not overbought)
ADX: 28.5 (Indicating strong trend)
MACD is above its center and signal Line, this is a bullish indicator.
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
It has just crossed its resistance line, and looks ready for a breakout to levels of 3300 and 3700 respectively. The volumes and technicals are supporting the movement upside.
The earlier resistance at 3000 is now acting as support.
Symmetrical pattern can go either ways. hence it will be prudent to put a stop loss at 2900 if you purchase at current levels.
Alternatively wait for 3100, which should confirm the trend and then purchase and keep a stop loss near 3000 levels.
Supporting Technicals:
RSI: 60.7 (Bullish but not overbought)
ADX: 28.5 (Indicating strong trend)
MACD is above its center and signal Line, this is a bullish indicator.
P.S: This idea is for educational purposes only and should not be construed as an investment advice.