LRC long term analysis - 29.08.2020

By eliaskh | Trading Ideas | 29 Aug 2020

On a weekly timeframe, LRC is in a consolidation phase after breaking the solid weekly resistance at around 0.109$. The break of this weekly resistance has been accompanied by a very big bullish volume, the biggest weekly volume ever on LRC. 

LRC 290820

However, the price is now a bit overbought (weekly RSI above 80% level). I expect a little consolidation before the continuation of the big bullish trend.

My next targets are the next levels of weekly Fibonacci retracement:

  • TP1: 0.277$ (23.6% level of Fibonacci)
  • TP2: 0.4371$ (38.2% level of Fibonacci)
  • TP3: 0.5665$ (50% level of Fibonacci)


Disclaimer: This is a trading idea and not recommendation to buy or sell. Please trade based on your own convictions.

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