$FET is trading at $1.299, showing signs of recovery with bullish momentum. The price is approaching resistance at $1.310, and a breakout could trigger further upside. Conversely, a rejection at this level may push the price back toward support.
Trade Setup:
Long Setup:
Entry: Above $1.310 (Breakout confirmation)
Stop Loss (SL): $1.270
Take Profit 1 (TP1): $1.350
Take Profit 2 (TP2): $1.400
Short Setup:
Entry: Below $1.270 (Breakdown confirmation)
Stop Loss (SL): $1.310
Take Profit 1 (TP1): $1.230
Take Profit 2 (TP2): $1.200
Technical Outlook:
The price action suggests that bulls are attempting to regain control. A breakout above $1.310 would signal strength, potentially targeting $1.350 and $1.400. However, failure to hold above $1.270 could indicate weakness, leading to further downside.
Traders should wait for confirmation before entering positions and use tight stop losses to manage risks effectively.