Observations
1. Resistance Trendline:
There’s a descending trendline acting as resistance, as indicated by the blue line. The price is currently testing this trendline.
2. Price Action:
HARD has had a recent rally, with a significant gain of 34.29%. The price is around $0.1590 after hitting a high of $0.1688.
3. RSI (Relative Strength Index)
: The RSI is at 62.37, which is approaching the overbought territory but still within a safe zone, allowing room for further upside.
4. MACD (Moving Average Convergence Divergence)
: The MACD appears to be bullish, with the MACD line above the signal line, suggesting continued upward momentum.
Trading Strategy
Entry
1. Breakout Entry: 👀
- If the price breaks and holds above the descending trendline, it could indicate a bullish continuation. Consider entering a long position on a confirmed breakout with strong volume.
2. Pullback Entry:💨☄️⚡️🌬
- If the price gets rejected by the trendline, wait for a pullback to support around $0.1531. This level could provide a better entry point if the trendline resistance holds.
Stop Loss⚓️🛑
- For a breakout entry, place a stop-loss just below the breakout level to protect against a false breakout.
- For a pullback entry, set a stop-loss below $0.1531 to limit losses in case of a downward move.
Take Profit Targets🤑😁
1. **First Target**: $0.1700 - This level is close to the recent high and could act as resistance.
2. **Second Target**: $0.1800 - A more optimistic target if bullish momentum continues.
Summary🥂
- **Trend**: The overall trend shows a bullish attempt, but the trendline is acting as resistance.
- **Entry**: Look for a breakout above the trendline or a pullback to support.
- **Stop Loss**: Near the entry points to manage risk.
- **Take Profit**: First target at $0.1700 and second target at $0.1800.
Monitor volume and price action closely around the trendline, as they will indicate the strength of any potential breakout.
