$PNUT
/USDT Technical Analysis and Trade Signals š šÆ
Current Price: 1.2655 USDT
Bollinger Bands (20, 2): Price is near the upper band (1.3162), suggesting overbought conditions or a possible breakout continuation if momentum supports it.
Parabolic SAR: 1.3013, which is bullish, confirming upward momentum.
Support/Resistance:
Resistance: 1.3162 (upper Bollinger Band) and 1.4750 (24h High).
Support: 1.2554 (lower Bollinger Band) and 1.0933 (24h Low).
Trade Setup
Trend: Bullish short-term (based on Parabolic SAR and price above the middle Bollinger Band).
Entry Point: Consider entering around 1.2650 - 1.2800 range if the price stabilizes above the middle Bollinger Band (1.2858) or on a pullback towards the support at 1.2554.
Stop Loss: Set a stop loss at 1.2400 to limit potential downside risk, below the lower Bollinger Band.
Target Levels šÆ
1. Target 1: 1.3162 (Upper Bollinger Band) ā Monitor if the price reaches this level; consider scaling out part of the position here.
2. Target 2: 1.3750 ā This level acts as intermediate resistance and is close to a 10% upward movement from the entry point.
3. Target 3: 1.4750 (24h High) ā A key resistance level; if the bullish trend continues, this could be the final target for this trade.
Trade Strategy
1. Entry: Enter at or near 1.2650 - 1.2800.
2. Target 1 (1.3162): Take partial profits or adjust the stop loss to breakeven if this target is reached.
3. Target 2 (1.3750): If momentum holds, aim for this next resistance level, adjusting your stop loss accordingly.
4. Target 3 (1.4750): The final target for the full position if the upward trend continues.
Monitor the price action closely, especially around the resistance levels, to avoid reversal risks. Keep an eye on market volume for validation of the trend.