The daily chart of Space42 PLC is showing a strong bullish breakout from a long-term downtrend.
Key Observations:
Price Breakout: The price has decisively broken above the resistance at 1.78 AED, which was a key ceiling for several months.
Retest and Confirmation: There was a brief throwback to retest the 1.78 AED level, which successfully held as support, confirming the breakout.
Next Resistance: The immediate resistance is now located at 2.40 AED, which is the next technical target suggested by the breakout structure.
Support Levels:
Primary support: 1.78 AED (previous resistance, now confirmed support)
Secondary support: 1.60 AED (lower support zone within the previous consolidation range)
Indicators:
RSI: Currently at **80.77**, indicating strong momentum but also nearing overbought territory. Price may consolidate or pull back in the short term before further continuation.
Volume: A significant spike in volume accompanies the breakout, adding credibility to the move.
Commodity Trend Reactor: Displays positive strength and aligns with bullish momentum.
What to Watch:
Holding 1.78 AED Support: If the price remains above this level, the bullish structure is intact.
Approach to 2.40 AED Resistance: Look for signs of continuation (strong bullish candles and sustained volume) or potential rejection.
Pullback Behavior: A controlled retracement to 1.78 AED with low volume would be healthy and could provide a continuation setup.
Volume and RSI: Watch for decreasing volume on pullbacks and RSI behavior near current levels for potential cooling before a next leg higher.
Key Levels:
Support: 1.78 AED, 1.60 AED
Resistance: 2.40 AED
The current price action suggests bullish momentum, but traders should closely monitor how the stock behaves around these critical levels for confirmation of further movement.
Key Observations:
Price Breakout: The price has decisively broken above the resistance at 1.78 AED, which was a key ceiling for several months.
Retest and Confirmation: There was a brief throwback to retest the 1.78 AED level, which successfully held as support, confirming the breakout.
Next Resistance: The immediate resistance is now located at 2.40 AED, which is the next technical target suggested by the breakout structure.
Support Levels:
Primary support: 1.78 AED (previous resistance, now confirmed support)
Secondary support: 1.60 AED (lower support zone within the previous consolidation range)
Indicators:
RSI: Currently at **80.77**, indicating strong momentum but also nearing overbought territory. Price may consolidate or pull back in the short term before further continuation.
Volume: A significant spike in volume accompanies the breakout, adding credibility to the move.
Commodity Trend Reactor: Displays positive strength and aligns with bullish momentum.
What to Watch:
Holding 1.78 AED Support: If the price remains above this level, the bullish structure is intact.
Approach to 2.40 AED Resistance: Look for signs of continuation (strong bullish candles and sustained volume) or potential rejection.
Pullback Behavior: A controlled retracement to 1.78 AED with low volume would be healthy and could provide a continuation setup.
Volume and RSI: Watch for decreasing volume on pullbacks and RSI behavior near current levels for potential cooling before a next leg higher.
Key Levels:
Support: 1.78 AED, 1.60 AED
Resistance: 2.40 AED
The current price action suggests bullish momentum, but traders should closely monitor how the stock behaves around these critical levels for confirmation of further movement.
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