You think today’s +15.99% run means the bulls are launching a fierce offensive? Check the data and you’ll see: the trading volume of 313662298, when allocated across a total traded amount of 12.42 million, suggests that most of this leg of the rally was driven by thin sell-side limit orders at the best ask being eaten through—neither have the bears truly held out, nor have they truly capitulated.
The line corresponding to $KMNO topped out at 0.04365 and was then pushed back. The low at 0.03601, however, has a clean lower wick, which indicates there was some support, but its strength wasn’t enough to withstand the selling pressure. The bulls are currently stuck around 0.0430, grinding back and forth. The bears want to counterattack, but the chips in their hands aren’t thick enough.
Next is simple to watch: if it holds above 0.0380 and doesn’t break, first look to see whether it can clear the 0.0450 level with increased volume. If it can’t hold, then set your stop-loss around the 0.0360 intraday low—breaking below it would mean this upswing was only a bull-trap. Put the three levels 0.0380, 0.0430, and 0.0450 through the chart yourself, and once you’ve done that, you’ll know whether or not to make a move.
#KMNO
The line corresponding to $KMNO topped out at 0.04365 and was then pushed back. The low at 0.03601, however, has a clean lower wick, which indicates there was some support, but its strength wasn’t enough to withstand the selling pressure. The bulls are currently stuck around 0.0430, grinding back and forth. The bears want to counterattack, but the chips in their hands aren’t thick enough.
Next is simple to watch: if it holds above 0.0380 and doesn’t break, first look to see whether it can clear the 0.0450 level with increased volume. If it can’t hold, then set your stop-loss around the 0.0360 intraday low—breaking below it would mean this upswing was only a bull-trap. Put the three levels 0.0380, 0.0430, and 0.0450 through the chart yourself, and once you’ve done that, you’ll know whether or not to make a move.
#KMNO