HEXO - Reversal Coming ?
Updated
Dear Traders,
As we've seen HEXO didn't manage to break out and create a run, which isn't a big deal because I only would have entered a trade if I had more confirmation such as Volume and Momentum. Instead, we got a retracement, which is about to reverse in my opinion.
Have a look at the chart, as we can see we have a lower low price wise (RED ARROW) but in the RSI we are looking at a higher low (GREEN ARROW). This is a Bullish Divergence and this could give us an indication that this downtrend is about to reverse to an uptrend. HEXO is a well established company and they're future is bright.
The Bullish Divergence isn't the only thing I see on the chart, I also see that we have some support trace by a horizontal red line. This might just be a perfect entry to enjoy a reversal run.
This run will encounter Resistance points at: 6.83$ / 7.00$ / 7.37$
Keep an eye on the charts on monday, this could be a nice little rid if the bulls are pushing enough.
Any Thoughts?
As we've seen HEXO didn't manage to break out and create a run, which isn't a big deal because I only would have entered a trade if I had more confirmation such as Volume and Momentum. Instead, we got a retracement, which is about to reverse in my opinion.
Have a look at the chart, as we can see we have a lower low price wise (RED ARROW) but in the RSI we are looking at a higher low (GREEN ARROW). This is a Bullish Divergence and this could give us an indication that this downtrend is about to reverse to an uptrend. HEXO is a well established company and they're future is bright.
The Bullish Divergence isn't the only thing I see on the chart, I also see that we have some support trace by a horizontal red line. This might just be a perfect entry to enjoy a reversal run.
This run will encounter Resistance points at: 6.83$ / 7.00$ / 7.37$
Keep an eye on the charts on monday, this could be a nice little rid if the bulls are pushing enough.
Any Thoughts?
Comment
The hole market is going down. I did anticipate to put an buy order lower at 5.95 and HEXO's prices bounced off once it reached that area. Holding strong above 6.05
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