Riot

📊 Riot Platforms (RIOT) – Technical Analysis
1. Current Price Action

The stock is trading around $12.7, showing a sharp pullback after a strong rally. The recent decline brought price back into a previously established demand/support region.

2. Key Levels
🔵 Buy Zone: $12.20 – $11.80

This zone is clearly marked on your chart and aligns with:

A previous support–resistance flip

The lower boundary of the recent breakout area

A potential Fibonacci retracement region (based on the structure)

Price is currently sitting just above this area, meaning the stock is approaching an attractive risk-to-reward entry level.

🔴 Stop Loss: Close Below $10

The $10 level is critical because:

It’s a major psychological support

It aligns with the bottom of a broader descending trendline zone

A close below it would break the bullish structure and invalidate the long setup

This makes it a logical and conservative stop-loss placement.

3. Target Zones
🎯 Target 1: $17.50

This level corresponds to:

The previous consolidation / supply zone

A Fibonacci extension / measured move region

A strong horizontal resistance visible on the chart

🎯 Target 2: $19.00

This is the upper boundary of the supply zone and a likely strong resistance point if momentum continues.

These targets provide a 3:1 to 4:1 risk-to-reward ratio, making the trade setup attractive if the buy zone holds.

4. Trend Structure

Your chart highlights:

A completed harmonic/gartley-like formation (C-D leg)

A breakout from a long-term descending trendline

A bullish channel formation after the breakout

The current pullback appears to be a healthy retest of:

The breakout zone

Major support

Demand region

If price stabilizes around $12.20–$11.80, the uptrend may resume.

5. Volume & Momentum

Although not explicitly shown in the screenshot, the price behavior indicates:

A sharp decline but without major capitulation volume

A possible formation of a higher low (if Buy Zone holds)

This suggests sellers may be losing strength as price approaches support.

📈 Summary – Professional Outlook

Bias: Bullish as long as price stays above $10

Entry Area: $12.20 – $11.80 (high-probability demand zone)

Targets:

First: $17.50

Second: $19.00

Stop Loss: Close below $10

Setup Type: Pullback to support / trend continuation