Global X Lithium & Battery Tech ETF - Support & resistance
On the above 2-week chart of the Global X Lithium & Battery Tech ETF price action has corrected 60%. A number of reasons now exist to be long.
1) Support and resistance. In 2011 and 2017 price action found strong resistance exactly at $40 before breaking out in 2020 for a massive 140% gain. Price action has now returned to $40.
2) RSI resistance breakout.
3) Seller capitulation. Regardless of market seller capitulation into past resistance is a wonderful thing. Always a gift horse, lets not start counting teeth.
It is possible price action corrects further? Sure.
Is it probable? No.
Ww
Type: Trade, not investment.
Risk: <=6%
Timeframe for long: This month
Return: 40%
1) Support and resistance. In 2011 and 2017 price action found strong resistance exactly at $40 before breaking out in 2020 for a massive 140% gain. Price action has now returned to $40.
2) RSI resistance breakout.
3) Seller capitulation. Regardless of market seller capitulation into past resistance is a wonderful thing. Always a gift horse, lets not start counting teeth.
It is possible price action corrects further? Sure.
Is it probable? No.
Ww
Type: Trade, not investment.
Risk: <=6%
Timeframe for long: This month
Return: 40%
Trade active
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.