Hi dear friends, hope you are well and welcome to the new update on Alpha Finance Lab (ALPHA) token.
On the daily time frame chart, the price action has formed the final leg of bullish Gartley pattern. There is also 25 simple moving average support in buying zone and the 50 SMA below the potential reversal area.
Buying and sell targets:
The buying and sell targets as per the Fibonacci sequence of the Gartley pattern should be:
Buy between: $1.74 to $1.59
Sell between: $1.86 to $2.14
Stop loss:
The maximum extent of potential reversal zone $1.59 can be used as stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a profit possibility up to 34.5% and the loss possibility is 9%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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