NEAR (Near Protocol): Resistance Breakout
Trade setup: Price broke back above the 200-day moving average (~$5.46), which signals resumption of Uptrend. It's also broken above $6.00 resistance, making a higher high, a sign of uptrend. Price could revisit $7.70 next. We would be buyers on pullbacks to support zone between 200-day moving average of $5.50 and $6.00. Stop Loss at $5.10. Price could revisit $8.00 thereafter.
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Up, Medium-term trend is Up and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $4.60, then $3.50. Nearest Resistance Zone is $6.00, then $7.70.
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Up, Medium-term trend is Up and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $4.60, then $3.50. Nearest Resistance Zone is $6.00, then $7.70.
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