📈Technical Analysis: Sandbox (SAND)
On the current SAND chart, we see the formation of a sideways channel with an upward trend. And what’s most interesting – this channel is wide enough for trading within it❗️
How to trade?↗️
Scenario 1: Buy from support 📈
🔼We wait for the formation of a reversal candlestick pattern at the support level.
💰Profit target – the opposite border of the channel.
⛔️Set the stop-loss below the local minimum.
Scenario 2: Sell on breakout 📉
🔽If there is no reversal, we open a sell position upon breaking the support level.
💰Profit target – the distance equal to the width of the current channel, measured from the breakout point.
⛔️Place the stop-loss inside the channel.
Conclusion:
In both cases, the profit/risk ratio looks attractive. The main thing is to wait for a clear signal and not rush into the trade.✔️
Those who enter the trade, please comment😁
