Compound (COMPUSD) Is Expected to Soar to New Heights
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Compound Analysis: The Market Is Expected to Soar to New Heights
Compound is expected to soar to new heights in the market. The market has created lower highs after it met resistance at $152.00. Consecutively, lower highs were formed till the demand zone was met at $106.20. The market was at break even between the bulls and bears from February 22nd to February 27th.
Compound Significant Zones
Resistance Zones: $124.20, $152.00
Supply Zones: $98.20, $106.20
A retracement back to $124.00 helped the sellers to go short. The previous lows at $106.20 were cleared on the 6th of March.
The demand zone at $98.20 was hit. The demand zone was a chance for the bulls to soar to new heights in the market. There was a failed breakout on the 9th of March above the previous demand zone at $106.20.
The bulls gained momentum once more at $98.20, with the expectation of reaching new highs. The fourteenth of March marked the beginning of a new bullish run to new heights. The previous demand of 106.20 was passed. The bulls surged with five consecutive bullish candles towards $124.0. Upon reaching the $124.00 resistance level, a gravestone bearish candle formed. The stochastic indicator signified overbought. A rising wedge was already in view with this month’s price action. This caused the price to drop back to the floor of the wedge.
What to Expect From COMPOUND
The candles bounced on the floor of the wedge and bounced. The bulls are still aiming to bridge $124.20. This is seen with multiple bullish candles on the daily chart. The Moving Averages are seen to support the price action on the daily timeframe as well as the four-hour time frame. With the aid of the MA’s and the rising trend line, the market is likely to soar to new heights beyond $124.20.
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