The daily chart of Space42 PLC is showing a strong bullish breakout from a long-term downtrend.
Key Observations:
Price Breakout: The price has decisively broken above the resistance at 1.78 AED, which was a key ceiling for several months.
Retest and Confirmation: There was a brief throwback to retest the 1.78 AED level, which successfully held as support, confirming the breakout.
Next Resistance: The immediate resistance is now located at 2.40 AED, which is the next technical target suggested by the breakout structure.
Support Levels:
Primary support: 1.78 AED (previous resistance, now confirmed support)
Secondary support: 1.60 AED (lower support zone within the previous consolidation range)
Indicators:
RSI: Currently at **80.77**, indicating strong momentum but also nearing overbought territory. Price may consolidate or pull back in the short term before further continuation.
Volume: A significant spike in volume accompanies the breakout, adding credibility to the move.
Commodity Trend Reactor: Displays positive strength and aligns with bullish momentum.
What to Watch:
Holding 1.78 AED Support: If the price remains above this level, the bullish structure is intact.
Approach to 2.40 AED Resistance: Look for signs of continuation (strong bullish candles and sustained volume) or potential rejection.
Pullback Behavior: A controlled retracement to 1.78 AED with low volume would be healthy and could provide a continuation setup.
Volume and RSI: Watch for decreasing volume on pullbacks and RSI behavior near current levels for potential cooling before a next leg higher.
Key Levels:
Support: 1.78 AED, 1.60 AED
Resistance: 2.40 AED
The current price action suggests bullish momentum, but traders should closely monitor how the stock behaves around these critical levels for confirmation of further movement.
Key Observations:
Price Breakout: The price has decisively broken above the resistance at 1.78 AED, which was a key ceiling for several months.
Retest and Confirmation: There was a brief throwback to retest the 1.78 AED level, which successfully held as support, confirming the breakout.
Next Resistance: The immediate resistance is now located at 2.40 AED, which is the next technical target suggested by the breakout structure.
Support Levels:
Primary support: 1.78 AED (previous resistance, now confirmed support)
Secondary support: 1.60 AED (lower support zone within the previous consolidation range)
Indicators:
RSI: Currently at **80.77**, indicating strong momentum but also nearing overbought territory. Price may consolidate or pull back in the short term before further continuation.
Volume: A significant spike in volume accompanies the breakout, adding credibility to the move.
Commodity Trend Reactor: Displays positive strength and aligns with bullish momentum.
What to Watch:
Holding 1.78 AED Support: If the price remains above this level, the bullish structure is intact.
Approach to 2.40 AED Resistance: Look for signs of continuation (strong bullish candles and sustained volume) or potential rejection.
Pullback Behavior: A controlled retracement to 1.78 AED with low volume would be healthy and could provide a continuation setup.
Volume and RSI: Watch for decreasing volume on pullbacks and RSI behavior near current levels for potential cooling before a next leg higher.
Key Levels:
Support: 1.78 AED, 1.60 AED
Resistance: 2.40 AED
The current price action suggests bullish momentum, but traders should closely monitor how the stock behaves around these critical levels for confirmation of further movement.
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.
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.