$PENDLE Rockets Past Resistance – Is the Next Target in Sight?
Current Price: $3.733
Timeframe: 1H & 1D
Formed Candle & Structure Insight:📊
On the 1H chart, $PENDLE has just broken above a recent range and printed a strong bullish candle with a clear BOS (Break of Structure) and CHoCH confirmation. It’s sustaining above the $3.60 resistance zone with higher lows forming consistently.
On the Daily chart, PENDLE confirms a major structure breakout above the $3.60–$3.70 congestion zone and has tapped the upper supply block. The candle is still active but showing momentum strength.
Chart Pattern Analysis & Trend Signal:📊📉
Price has breached key horizontal resistance after prolonged accumulation.
All EMAs (20/50/100) are flipping upward, indicating short-term trend reversal.
RSI (Daily & Hourly) is in the overbought zone (96–97), showing strong buying pressure—but also suggesting caution for late entries.
Daily BOS confirms potential continuation to mid-level resistance between $4.60–$5.00.
Why Bullish:🤔🔥
Structure Breakout with high volume.
Strong support holds at $3.20–$3.40 zone.
Momentum driven by accumulation and range breakout.
Trading Strategy Plan:👨🏫
Bullish Only
Entry (If Pullback): $3.55–$3.60 zone (Fibonacci 0.382)✅
Target 1: $4.20🎯
Target 2: $4.85🎯
Stop Loss: $3.25 (below structure and 50 EMA)☣️
Trade Duration: 2–5 Days (Short-Term Swing)
Takeaway:🧑🏫
$PENDLE is riding bullish momentum after confirming market structure breakout. Short-term retracement may offer a great risk-reward entry. Overbought RSI suggests it’s not the best time to chase but rather to wait for a confirmed retest before positioning.
👨❤️👨"Smart traders don’t chase the candle, they wait for the wick."
Disclaimer: ⚠️
This is not financial advice. Do your own research before trading.