$RAMP time to Short / Stay away?
Looking at the green trend line starting from around mid 2014, till 2025 ish .
The trend line suggested price target of 47$ by 2024 already seems priced-in during today's date (Feb 9, 2022)'s after-hours session!
Additionally, there's that giant Inverted Cup and Handle pattern. Ignore the covid-19 crash of March 2020, and two red lines clearly indicate necklines.
First Neckline around 44$, and the 2nd one around 39$.
I wouldn't be interested in shorting, as:
1) I'm unaware on fundamentals picture
2) Recent top of 87$ in Jan, 2021 leaves plenty of room for upside, with shoulder line reversal about 59$ and confirmation being about 64$
Instead, I'd be patient with long term watch on that 25-29$ strong long term support range - which is also supported by recent Cup and Handle , followed by solid rally!
Long term investors clearly seem to have made profits and sold, perhaps it's time for another downtrend for next accumulation round! Let's see what happens!
The trend line suggested price target of 47$ by 2024 already seems priced-in during today's date (Feb 9, 2022)'s after-hours session!
Additionally, there's that giant Inverted Cup and Handle pattern. Ignore the covid-19 crash of March 2020, and two red lines clearly indicate necklines.
First Neckline around 44$, and the 2nd one around 39$.
I wouldn't be interested in shorting, as:
1) I'm unaware on fundamentals picture
2) Recent top of 87$ in Jan, 2021 leaves plenty of room for upside, with shoulder line reversal about 59$ and confirmation being about 64$
Instead, I'd be patient with long term watch on that 25-29$ strong long term support range - which is also supported by recent Cup and Handle , followed by solid rally!
Long term investors clearly seem to have made profits and sold, perhaps it's time for another downtrend for next accumulation round! Let's see what happens!
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