PYR is moving within a descending channel on the hourly chart. It has reached the lower bound and is heading for a bounce. A retest of this level is expected.
The Relative Strength Index (RSI) indicates a bearish trend, and this trend is likely to continue due to overbought conditions.
We’ve spotted a key support zone (in green) at 0.247, and the price has bounced off this area multiple times, making it a solid support level.
The price is heading towards the 100-period moving average, and we're getting close. This trend supports a bullish movement.
Entry price: 0.275
First target: 0.280
Second target: 0.289
Third target: 0.300
You can close the trade at the second target or wait until the price hits the third target. The choice is yours.
Stop loss: at the resistance zone (in green).
Remember this simple rule: money management.
Do you have any questions? Please leave a comment.
Thank you.
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