ðĨ SXP Crazy Bounce Idea: Support + Bullish Divergence
SXP seems to have found (temporary) support alongside the diagonal purple support line drawn on the chart. This reversal trade idea is based on the idea that this support will hold and cause a bounce, helped by the bullish divergence that's apparent on the RSI.
The high of the last couple of days is around 0.335, so we're going to wait for a daily candle to close above that area to initiate the trade. Stop under the recent lows.
With a target at the April highs we can construct a very good trade with extremely high Risk-Reward.
The high of the last couple of days is around 0.335, so we're going to wait for a daily candle to close above that area to initiate the trade. Stop under the recent lows.
With a target at the April highs we can construct a very good trade with extremely high Risk-Reward.
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