Michaël van de Poppe - 01 October 2022
New trading opportunities for $PYR!
PYR - Vulcan Forged
12-hour timeframe
The 12-hour timeframe is looking quite interesting. As you can see we are in a range at the moment and we are moving sideways for quite some time already. We saw deviation above and below the range and we saw a good move towards the upside with a bounce from range low. Flipping the equilibrium of the range (midrange) could give us the opportunity to test the range high at $4.80.
Zooming in on the 4-hour timeframe tells us the following things. We can see that we took out the sell stops on the downside and that we are currently facing the resistance area of $3.69-3.75. This resistance area is already tested a lot.
This makes the chances for a potential break out even higher. What you would like to see is a flip of this area for support to get a further continuation. Breaking this area could bring us towards the resistance area of $4.05-4.30.
In our Trade Letter, we also analyzed $PYR on the 1-day timeframe. In addition to this, we did the same analysis on $UNI and $XRP on multiple timeframes!
Have a nice weekend!
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