On a weekly timeframe, LRC is in a consolidation phase after breaking the solid weekly resistance at around 0.109$. The break of this weekly resistance has been accompanied by a very big bullish volume, the biggest weekly volume ever on LRC.
However, the price is now a bit overbought (weekly RSI above 80% level). I expect a little consolidation before the continuation of the big bullish trend.
My next targets are the next levels of weekly Fibonacci retracement:
- TP1: 0.277$ (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.
