Act fluctuates violently in the short term, breakout or pullback?

The current price of Act is $0.5992, with the highest price of the day being $0.6488 and the lowest price being $0.4383. The price fluctuation is large, showing strong market sentiment. This violent fluctuation brings a lot of opportunities to short-term traders, but it is also accompanied by greater risks.

Technical analysis:

Support and resistance:

Support level: The current low of $0.4383 forms a strong support. If the price falls below this position, it may further fall to the $0.4000 range. Resistance level: The highest price of the day at $0.6488 forms a short-term resistance. If this price is broken, Act may move towards $0.6800. After breaking through this resistance, it may usher in a larger increase.

Bollinger Band Analysis:

The current price is close to the upper track of the Bollinger Band (around $0.65). If this resistance level is broken, a new upward trend may be formed. The lower track of the Bollinger Band is around $0.45. If the price falls below this position, it may enter a downward channel.

RSI indicator:

RSI is currently near 65, close to the overbought zone, indicating that there is pressure for a short-term correction in the price. If RSI continues to break through 70, it may accelerate the rise, but if RSI falls back below 50, it may bring about a short-term adjustment.

Short-term contract T+0 strategy:

Long strategy:

Entry position: If the price breaks through and stabilizes above $0.6488, it means that the market may have further upward momentum. You can consider going long, with a target price of $0.6800. Stop profit position: The target price is $0.6800. If it fails to continue to rise after the breakthrough, you can choose to stop profit when it approaches this point. Stop loss position: If the price falls back below $0.60, it is recommended to stop loss to avoid further losses.

Short strategy:

Entry position: If the price fails to break through $0.6488 and there is a downward trend, you can consider shorting. The entry point is around $0.60, and the target price is $0.55. Take profit position: The target price is $0.55. If the price goes down further, you can consider extending the target to around $0.50. Stop loss position: If the price breaks through $0.65 and continues to rise, stop loss is recommended. $ACT