Factors
1. Price has experienced a very LT downtrend
2. Price slowly moving out of the upper LT trendline.
3. EMA is crossing
4. There is an overhead gap at 4.7c & 5.7 which I would be looking to target.
5. Potential fundamental catalyst
6. Recent increase in volume
Possible Reasons For Failure
1. Base may not form
2. Prices may continue to downtrend
3. No bullish price action/candlestick pattern to initiate breakout trade
4. Target might be too optimistic
5. Potential fundamental catalyst to drop prices
Watchlist and keep an eye on 2.5c level.
1. Price has experienced a very LT downtrend
2. Price slowly moving out of the upper LT trendline.
3. EMA is crossing
4. There is an overhead gap at 4.7c & 5.7 which I would be looking to target.
5. Potential fundamental catalyst
6. Recent increase in volume
Possible Reasons For Failure
1. Base may not form
2. Prices may continue to downtrend
3. No bullish price action/candlestick pattern to initiate breakout trade
4. Target might be too optimistic
5. Potential fundamental catalyst to drop prices
Watchlist and keep an eye on 2.5c level.