Bullish Surge Ahead: COMP Escapes Year-long Range!
Date: 12/07/2023
Tactical Mid-term / 1 to 3 months
Scenario:
COMP is expected to progress towards 82, A break above 82 will open a potential towards 145 before 175.
As long as 50 remains a tactical support valid in daily close a direct bullish move is expected.
Technical Key Elements:
- COMP keeps potential to test the upper part of the blue range at 82
- RSI indicator is positive close to resistance, but no divergence observed.
- The Moving average crossed to the upside and act as support
- Fibonacci key support is adjusted at 50 while the Elliot wave shows upside potential towards 82 and 145
Trade Idea conclusion: Buy - Conviction: Medium
 | | Medium |
· Target 2: 175
· Target 1: 145
· Confirmation level at 82
· Buy: add in dip area 60
· Stop: 50
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
