Since March 2020, we have been in a sustained upward trend, as indicated by the green trendline on the chart. The most recent earnings report was strong, leading to a significant price increase; however, the market reaction appears to have been somewhat overextended. Fortunately, we have now retraced to a more reasonable level, where I have begun accumulating positions.
Both the RSI and MACD indicators suggest that the recent pullback may be nearing its end. Historically, over the past two years, whenever the RSI has approached the 30 level, the trend has typically reversed. We are observing a similar pattern now, with the MACD providing further confirmation.
Looking ahead, I anticipate a rally in the coming weeks, with the first significant resistance expected around $19.00, aligning with the initial Fibonacci retracement level.
Both the RSI and MACD indicators suggest that the recent pullback may be nearing its end. Historically, over the past two years, whenever the RSI has approached the 30 level, the trend has typically reversed. We are observing a similar pattern now, with the MACD providing further confirmation.
Looking ahead, I anticipate a rally in the coming weeks, with the first significant resistance expected around $19.00, aligning with the initial Fibonacci retracement level.
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