ASX: Elixinol Global

Factors
1. Price has moved out of the LT downtrend (Starting April 19)
2. Price closed the recent gap while slowly building a base.
3. EMA is converging and slowly crossing upwards
4. There is an overhead gap at $2.10 which I would be looking to target.

Possible Reasons For Failure
1. No bullish price action/candlestick pattern printed after closing the recent gap
2. Prices may continue the downtrend
3. Target might be too optimistic