$TAO technical Analysis
Indicators:
RSI (Relative Strength Index):
Around 52, indicating neutral momentum with room for an upward move.
Moving Averages:
50-day MA: Near $460, acting as support.
200-day MA: At $400, providing strong long-term support.
MACD (Moving Average Convergence Divergence):
Slightly bearish crossover but close to flipping bullish if momentum builds.
Chart Patterns:
Descending Channel: TAO is consolidating but could break out above $500 for an upward move.
Double Bottom: If TAO holds above $440, it could signal a bullish reversal.
Trading Strategies
1. Day Traders:
Look for a breakout above $500 or buy dips near $440. Set tight stop-loss levels (~5% below entry).
2. Swing Traders:
Accumulate around $450–$470 and target $500–$550.Partial profit-taking at resistance levels is advised.
3. Scalpers:
Exploit intraday volatility within the $440–$490 range.