$FET $2 INCOMING AFTER BEATING INVERTED H & S đ
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A thorough and detailed analysis meant for the shorter term ahead.
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It had a great run this week, shifting gears now and breaking through the inverted H & S on the daily charts.
Also we spotted the second most probable reason for this prediction ahead. A Bullish engulfing formed this week after the candle closing on Tuesday.
This Engulfing has acted as the catalyst for this thrust and the best is yet to come.
Moving ahead with pivot points the support has been excellent at $0.8. The consistent consolidation in that stiff range has given more stability to the price and then the $ mark has been a good hand on the higher side.
Now forming such patterns in the lower price range is always bullish as it indicates the price of being conducive, tested multiple times on crucial levels which builds the strength for a rally ahead. This is one reason why I give emphasis on such situations.
Secondly, the rejection has only been once at the resistance of $1.5 which led to a short retracement at $1.25 which is the local support in case of a fall. Although this scenario looks out of context.
As of now it has gone past its next hurdle of $1.6 and changed hands near $1.64 at the time of writing. A little wider view would be visible on the weekly chart, where no major resistance is seen before $2.
Hence, it wouldn't be surprising if it hits that level in the next couple of days.
*This is not investment advice. Please do your own research before taking any trade.
