Taraxa: Breakout from a Congestion ZoneFrom November 15th to December 2nd, TARA formed a bull pennant.
However, TARA did not break out of the pennant; instead, it formed a congestion zone.
Every daily candle from November 22nd until today closed inside the body of the daily candle of November 22nd. The price range of this congestion zone is between 0.0151 to 0.019.
A Congestion zone, especially if it is narrow in price and prolonged in duration, can serve as a strong support and an area to send the price higher.
My initial target is the bull pennant target of 0.036 cents.
IMO, this trade is more suited to a spot buy and not a futures trade, but it could also be a futures trade, provided that you use low leverage.
Trade Idea:
Entry: 0.019 (range high).
SL: 0.015 (range low).
Target: 0.036
R: R: 1:4.33
NFA.
What do you think? Please share in the comments.
Best Wishes.
