Quick Analysis $WLD ‼️
• Relative Strength Index (RSI):
• RSI (6) at 33.165 is close to the oversold zone (30 or below).
• RSI (12) at 35.81 and RSI (24) at 42.188 are showing relative weakness but improving from the oversold zones.
• MACD: shows a decline in the downward momentum, and there may be a convergence between the indicators, indicating a possible slowdown in the decline.
• StochRSI: at 14.981, it is very low, confirming the oversold condition and may indicate a possible reversal if buyers intervene.
Recommendations:
1. Watch for reversal signals: With oversold indicators (RSI and StochRSI), there may be an upside reversal soon. It is advisable to follow any positive crosses on the MACD and an increase in trading volume.
2.Resistance and Support Levels:
•Support: The current level around $1.50 seems to be acting as a good support.
•Resistance: The main resistance is at $1.68 (EMA 7) and $2.88 (EMA 25). Watch how the price will react to these levels if it starts to rise.
3.Short-term strategy: If you are considering a short-term trade, the advice is to enter if the price closes above $1.68 with strong volume, targeting the $2.88 level.
4.Long-term strategy: For long-term investment, it is advisable to wait for confirmation of the bullish reversal with the price closing above EMA(25) and watching for a higher bottom formation in the chart.
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