TIA: Support BreakoutTrade setup : Price is in a downtrend and broke below $5.00 support. However, near-term, it appears very oversold (RSI < 25) and could bounce up.
Pattern : Support Breakout. Once a price breaks below a support zone, it signals that supply from sellers has overwhelmed demand from buyers at this level and price is likely to decline further. Following a support breakout, the next closest support zone becomes a price target. Learn to trade key levels breakouts in Lesson 7.
Trend : Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum : Price is Oversold currently, based on RSI-14 levels (RSI < 30).
Support and Resistance : Nearest Resistance Zone is $6.00, then $8.00.