$MLN just completed a key volume breakout on the 2H timeframe.
The price is currently holding steady around 3.3500.
The core signal is this candlestick closing directly above the three mid-long term moving averages.
Volume has increased by 2.64 times.
This indicates that the breakout is backed by real capital.
๐ฅ The price is now sitting above the EMA144, 169, and 233.
Although the moving averages haven't fully aligned bullishly yet, the early signs of a trend reversal are present.
Currently, the RSI is around 55.4, with momentum expanding upwards.
The only concern is that the chasing cost is rising after a short-term spike.
Key support zone is between 3.0328 and 3.0588.
As long as this range holds, the upside potential is completely opened up.
๐ Keep an eye on the defensive point at 3.0328.
Trading plan (long):
Entry: 3.3500 โ 3.3600
Stop loss: 3.0268
First target: 3.8474
Second target: 4.1757
Third target: 4.6680
Why choose this setup?
โข 2.64 times the volume accompanying the breakout shows clear signs of capital entering
โข Stop loss is set below the moving average support at 3.0328, making risk-reward and logic favorable
โข RSI at 55.4 indicates that momentum isn't overheated yet, leaving room for further gains
โข First time above the three lifelines, this is a standard trend confirmation point
โ ๏ธ N.F.A. For reference only.๐๏ธ
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