Stratis testing major trend line resistance
Stratis is currently testing a 1-year major trend line resistance for the 5th time. In the past, every time the price tested this trend line, the result was a big push lower. Judging by the price action in the last couple of days, the current attempt is the most serious one. The traders should wait for the break and close on a daily basis above the trend line before committing to the long trade idea. Any move above the trend line will be a quick one as many stops are sitting just above the trend line. Please be aware of the horizontal resistance that is close above the trend line as any move higher is likely to stop/pause at the horizontal resistance. An ideal scenario will be moving back lower to re-test the broken trend line before continuing higher. If the price action fails again here, look for another swing low in the coming days.
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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.