• The index $MDT has risen by 45% from $0.018 to $0.038, and is now stabilizing at $0.030824.
• Successfully broke through key exponential moving averages (20, 50, 100 days), confirming a structural breakout.
• Currently testing a critical support area ($0.0277-$0.0293) after rising from a round-bottom pattern.
• The Relative Strength Index has reached overbought territory (>85), indicating a potential short-term pullback.
• Key technical levels.
• Major support: $0.0277-$0.0293 area (previous resistance turned support).
• Major resistance: $0.0305-$0.0320 area (showing rejection patterns).
• Upside targets: $0.0635 (38.2% Fibonacci) and $0.0793 (50% Fibonacci).
• Bollinger Bands squeezes indicate a potential consolidation phase. Before the next directional move.
Trading strategies
• Consider strategic entry points at retracements to the support level between $0.0277 and $0.0293, with stop-loss orders below $0.025.
• Implement a partial profit-taking approach at resistance areas.
• Watch for bearish engulfing patterns near $0.0305, as they indicate a short-term reversal.
• Long-term sentiment remains positive despite near-term exhaustion signs, supported by a rising 200-day moving average.