Let's look at the overall chart below whereby a double top formation ("M"), followed by a corrections to the low of 1.22 and moving upward above 1.36 (key support level) since then. The current rally up since Dec'18 is considered a correction to the overall major downtrend if key support of 1.36 is broken in coming weeks.
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| Inari Weekly Chart |
Technicals:
Key Support 1 at 1.360
Key Resistance at 2.08 and followed by 2.55
Stop Loss at 1.360
Watch for bottom reversal near 1.360
Recomendations:
Aggressive trader: Entry at 1.50, Cut loss if it closes below 1.36, and target profit of 2.55 within 4 months. Monitor price actions after entry
Conservative trader: Wait for confirmation of reversal to enter, and target profit of 2.55 within 4 months. Monitor price actions after entry
Thank you for your compliments and I am glad that you are earning. It is your own decision to enter and patience that led to the gain as I am just sharing my opinions. The sentiments currently on Inari is positive and its a good sign. 😊
ReplyDeleteDo follow your own rate of returns or the levels above.
Good luck and all the best!!!
impressive!
ReplyDeletewith current momentum, do you think it can break 2.00?
ReplyDeleteThank you @unknown and @CP. Congrats in making profitable trades.
ReplyDeleteBased on current momentum and positive sentiments on 5G as you can read from the media, there is a possibility to break $2.0. Nevertheless, do follow your own rate of returns for target profit or your initial trading plan.
Immediate support is at $1.70 followed by $1.58.
Good luck and all the best!!!