RUNE — One Resistance To Break Before We Can Go For 33% Run 🚀
Regardless of the indicators and patterns you check, RUNE seems ready for a massive run that could quickly hit a target of 33%.
Bullish Ichimoku Setup 🎎 (see attachment 1))
First of all, RUNE has printed a bullish Ichimoku setup.
- Yesterday, it bounced perfectly from the lower cloud support line and quickly pumped back above it. A break out above the cloud is rated as a strong bullish sign.
- The cloud itself shows a perfect uptrend.
- Additionally, we are close to a bullish Tenkan/Kijun cross in the cloud — another bullish sign.
- The only con: The future cloud is currently red. However, this can change quickly.
Cup & Handle Pattern ☕️ (see attachment 2)
Besides the bullish Ichimoku, RUNE printed a cup & handle pattern. The pattern had its low at ~3.15. Accordingly, the profit target (once we break the neckline) sits at ~6.5
Entry Trigger 🔫
The final entry trigger is a close above the neckline and resistance at ~4.85. A close of the daily candle (and preferably confirmation), and we should be ready.
Profit Targets & Stop Loss 🏆
Based on chart resistances, I would choose 3 profit targets, realizing 10%, 20%, and 33% gains. The stop loss can be placed slightly below the upper cloud support line (~4.65), resulting in an overall risk/reward ratio of 7.5.
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