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- Recent Low: $0.56 (strong support level)
- Recent High: $0.75 (key resistance level)
Trend Analysis:
- SYN has formed a bullish trend channel, with a clear uptrend in place.
- The recent low of $0.56 has held strong, indicating buying pressure at this level.
Technical Indicators:
- RSI (Relative Strength Index): 60 (neutral, with a slight bias towards overbought territory)
- MACD (Moving Average Convergence Divergence): bullish crossover, indicating a potential continuation of the uptrend
Support and Resistance Levels:
- Support: $0.63 (previous resistance level, now acting as support)
- Resistance: $0.75 (key resistance level, potential breakout target)
Short-Term Target:
- $0.80, representing a 6.7% increase from current levels.
- A break above $0.75 could lead to a quick move to $0.80, with potential further upside.
Trading Strategy:
- Buy: $0.70-$0.72
- Take profit: $0.80
- Stop loss: $0.63
Risk Management:
- Risk-reward ratio: 1:1.5
- Position sizing: 2-3% of portfolio
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