Updated: Jan 26
28th March 2022
The Daily Chart
Considering the channel strategy, we can see the reversal of the midterm bearish trend and price crossing the lower channel upward and retesting it confirmed the initiation of the new mid-term bullish trend.
In the Daily chart, we can identify these key areas. Also, an unfilled market gap, which is a bullish drive for the current initiated mid-term bullish trend.
Also the three White soldiers daily candle pattern indicates the continuation of the short term bullish trend and we expect the price to reach the 57.2 – 58.4 area in the short term bullish trend, which is associated with the lower resistance area of the market gap, where we will expect some significant resistance.
Price crossing upward the 57.2 – 58.4 resistance area will fill the market gap and drive the price towards the mid-term target of 64.5 – 66.5 area.
30 MA daily line acted as the dynamic resistance for the previous bearish trend. Since the price is just taken the resistance at the 50.8 – 52.2 area which is associated with the 30 MA line, we will see some price pullback towards the 45.6 – 46.8 area before continuing the short-term bullish trend upward. We expect the price to hold that area and reverse the pullback, So it’s good to buy around the current market price.
In conclusion, RBLX initiated a short-term and mid-term bullish trend. We expect the price to hold the 45.6 – 46.8 support area and continue its short-term bearish trend. Short term bullish target is 57.2 and crossing upward the 57.2 – 58.4 area will drive the price towards the mid term target at 64.5 area.
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