$SXP Price Analysis: A Big Move is Coming! Full Details Below

$SXP has successfully retested a broken descending triangle pattern on the weekly chart, signaling a potential reversal and a new bullish phase.

Here's everything you need to know to prepare for the next move!

Current Market Situation

Breakout Retest:

$SXP retested the descending triangle breakout, confirming strong support.

Bullish Momentum Building: The bounce from this level suggests an upward move is likely.

Key Levels to Watch

Buy Zone: Between $0.35 and $0.40 – ideal entry points near support.

Targets:

First Target (T1): $0.56 – minor resistance level.

Second Target (T2): $0.94 – a stronger resistance zone.

Third Target (T3): $1.70 – a key long-term breakout level.

Stop Loss (SL): Set at $0.30 to manage downside risk.

How to Trade This Setup

1. Entry: Accumulate within the buy zone ($0.35–$0.40).

2. Risk Management: Use a strict stop loss at $0.30 to minimize potential losses.

3. Profit-Taking Strategy:

Take 25% profit at $0.56.

Take another 25% at $0.94.

Let the remaining ride to $1.70 for maximum gains.

Scenarios to Monitor

1. Bullish Continuation:

If SXP holds above $0.40 and shows increasing volume, the move toward $0.56 and beyond is likely.

Watch for momentum confirmation with strong green candles on the weekly chart.

2. Bearish Pullback:

If SXP breaks below $0.30, the setup fails, and prices could retest lower supports around $0.25.

💬 Final Thoughts

SXP’s breakout and retest are strong technical signals for a potential rally.

Enter within the buy zone, manage your risk with a tight stop loss, and ride the wave toward higher targets. Timing and discipline are key!