#UNFI CLOSING ABOVE THE MONTHLY LOW: WHAT COULD THIS IMPLY?
UNFI has recently made a huge decline and many is speculating that this token will immediately breakdown lower than its current major support.
Here's our key take.
There's a tendency for UNFI to fully breakdown, although, these criteria must be met before it's confirmed, otherwise, it could hold this key level. First, UNFI must significantly reject the key levels of 3.5, 4.1 & 4.5. Next, if these prices aren't the rejection areas for UNFI, the imbalances above these key levels just slightly below 9.3 must be fulfilled and formation of descending peaks will occur. Finally, once 1 of these criteria will be present, the neckline sitting at 2.12 would be broken down, eventually leading to lower value for UNFI. If none of these criteria are met, we must expect the bounce to happen and a rally to occur.
UPDATE FOR SEPTEMBER 2024 (UNFI)
UNFI hasn't broken down any of its monthly low where the neckline is sitting awaiting for its next reaction. The next possible step for UNFI would be gathering demands from traders who will notice the current scenario playing out with UNFI's strong hold. Thinking outside the box, a possibility for a long wick to cause shakeouts of early longs at around 0.816-1.460 can still playout before the total accumulation for UNFI happen and strengthen the buying pressure from buyers with the intention to cause a major rally.
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Stay wise, trade cautiously.
