PYR
The price is moving within a descending channel on the 1-hour timeframe and has reached the lower boundary. It is now poised for a bounce and is expected to retest this boundary.
The Relative Strength Index (RSI) indicates a downward trend, which is likely to continue given the overbought conditions.
There is a key support zone (in green) at 0.250, and the price has bounced off this zone several times, making it a strong support level.
The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.
Entry Price: 0.268
First Target: 0.273
Second Target: 0.281
Third Target: 0.289
You can stop at the first and second targets and close the price, or continue towards the third target.
Stop Loss: At the resistance zone (in green).
Remember this simple rule: Money Management.
Any questions? Please leave a comment.
Thank you.
