CHESS has officially broken out of a long-term descending trendline and a multi-week consolidation base. This signals the end of a prolonged downtrend and the beginning of a potential bullish expansion.
Technical Analysis:
Breakout: Price broke above the falling trendline and horizontal range ($0.07–$0.085), confirming a bullish structure.
Structure: Ascending triangle breakout + clear higher lows and higher highs forming.
Volume: Strong breakout candle with above-average volume suggests follow-through potential.
Retest Zone: Previous resistance near $0.085 now acting as support, offering a possible re-entry zone.
Key Levels:
Support Zones
$0.085 – Previous resistance, now flipped support
$0.070 – Ascending trendline zone
$0.056 – Range base and invalidation zone
Resistance / Target Levels
$0.100 – Minor psychological round number
$0.121 – Previous consolidation resistance
$0.173 – Key breakout target
$0.276 – Macro bullish target if trend continues
Trade Plan:
Entry: Any retest between $0.085–$0.090
Stoploss: Below $0.070 (conservative) or tight below $0.078 (aggressive)
Targets: $0.100 → $0.121 → $0.173 → $0.276
Risk Management: Use proper position sizing; invalidation below $0.070
This breakout appears structurally clean and may offer a strong follow-up if market conditions remain favorable. Ideal for both short-term swing and medium-term positional setups.
Not Financial Advice | DYOR Always
Technical Analysis:
Breakout: Price broke above the falling trendline and horizontal range ($0.07–$0.085), confirming a bullish structure.
Structure: Ascending triangle breakout + clear higher lows and higher highs forming.
Volume: Strong breakout candle with above-average volume suggests follow-through potential.
Retest Zone: Previous resistance near $0.085 now acting as support, offering a possible re-entry zone.
Key Levels:
Support Zones
$0.085 – Previous resistance, now flipped support
$0.070 – Ascending trendline zone
$0.056 – Range base and invalidation zone
Resistance / Target Levels
$0.100 – Minor psychological round number
$0.121 – Previous consolidation resistance
$0.173 – Key breakout target
$0.276 – Macro bullish target if trend continues
Trade Plan:
Entry: Any retest between $0.085–$0.090
Stoploss: Below $0.070 (conservative) or tight below $0.078 (aggressive)
Targets: $0.100 → $0.121 → $0.173 → $0.276
Risk Management: Use proper position sizing; invalidation below $0.070
This breakout appears structurally clean and may offer a strong follow-up if market conditions remain favorable. Ideal for both short-term swing and medium-term positional setups.
Not Financial Advice | DYOR Always
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.