Analysis and Recommendations for Trading Currency $S (Sonic)
Currency $S is trading at $0.5045 with an increase of 1.57%, currently stabilizing in a rectangular pattern after a decline of 15%.
Ideal Entry Points:
Gradual buying at the strong support level $0.50-$0.505
Reinforcing positions at support test $0.38 (if it drops)
Safe Exit Points:
Nearby resistance at $0.518-$0.52
Medium-term resistance at $0.59
Strong resistance at $0.64 (high probability of rejection)
Trading Strategy: Take advantage of the fluctuation within the rectangular pattern between $0.50 and $0.59. Set a stop-loss order below $0.49. Monitor trading volume to ensure the validity of any breakout. Probability of continuing the bullish pattern upon surpassing resistance at $0.52 with high trading volume.
