Pundi X (NPXS) Has Bounced From The Channel’s Support

Pundi X (NPXS) Has Bounced From The Channel’s Support

By moon333 | moon333 | 30 Jun 2020


Hi friends hope you are well and welcome to the new update on Pundi X . As it has just bounced from the support of the channel that is formed on the daily chart therefore in today’s post we will try to understand that how much it can go bullish.

The formation of this channel was started after 13 March 2020. And so far the price action did not break out or break down the channel. I've also placed the moon phases indicator on this chart. And it can be easily observed that new full moon has appeared at the resistance of the channel and new dark moon at the support of the channel. So there is no clear signals by this indicator whether the price action will break out or break down. Because it is difficult for the price action to cross up or cross down that level of full and dark moons.

The price action is also likely to break down the exponential moving average 10 and 21. But as the price action is getting bounced from the support therefore we can expect that the priceline will be moved up above these two exponential moving averages again.

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The SMAs are playing the role of strong support:

If we watch the simple moving averages with the time period of 25 50 100 and 200. Then price action has broken down the 25 simple moving average but did not break down the other moving averages. And it is re-testing the 50, 100 and 200 SMAs at the same time. From this level we can expect that the price action has the channel support and the support of 3 simple moving averages therefore another upward move up to the resistance of channel is expected.

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Indicators on long term chart:

If we switch to the long term weekly chart. Then stochastic has given a bear cross and the MACD has turned week bullish from strong bullish. So these two indicators are giving signals that the price action is turning bearish. But if we watch the directional movement indicator then the positive directional indicator is still above the negative directional indicator. That is the bullish signal and the momentum indicator is also turned a weak bearish from strong barriers that is another bullish signal.

But unless all the indicators don't give the bullish signals together we cannot be confirmed that the price action is really going to start upward move.

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A big bullish Butterfly:

Now I would like to recall a really very big bullish butterfly pattern that has been formed on the weekly chart by the price action of NPXS. I have been sharing this pattern several times in my previous articles. At the moment the price action is moving above the potential reversal zone. As per Fibonacci sequence of bullish Butterfly that sell targets can be as below:

Sell between: $0.0003700 to $0.001010

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As per the above targets, this pattern can produce up to 600$ gains. But once the price action will be able to cross up the sell zone that is up to 0.786 Fibonacci projection. Then the price action can start even more powerful rally.

 

Conclusion:

On short-term and midterm we can expect an upward move up to the resistance of the channel. However, on the long-term the indicators are neutral because some indicators are giving bullish signals and some indicators are giving bearish signals. However, the pattern is showing that on the long-term the Pundi X has found support and it will make a really very big move very soon.

 

Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.


moon333
moon333

Hi, My name is Atif Akbar and I am trading charts author of all kind of assets


moon333
moon333

Hi my name is Atif Akbar and I am one of the top 3 authors of cryptocurrency trading charts as per tradingveiw I publish there with my username moon333 to verify you can visit: https://www.tradingview.com/markets/cryptocurrencies/ideas/ I also publish the charts of different other assets like forex, commodities, CFDs Stocks e.t.c. Here you will find perfect predictions on different trading assets.

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