Trident Breaks Above Support - Time to Go Long?

echnical Analysis Update (18 January 2024):

Trident stock has found strong support around the 43 level, as we anticipated in our previous analysis. After a brief dip below this zone, the price has bounced back convincingly, signaling a potential bullish reversal.

Bounce Confirmation: The recent price action shows a clear bullish engulfing candlestick pattern, confirming the rejection at support and suggesting further upside potential.

Entry: Consider entering a long position above the immediate resistance level around 43.50 to 44
Stop-Loss: Place a stop-loss order below the support level at 43 to limit potential losses.

Target: Potential upside targets could be near the recent swing highs around 61 or higher, depending on market momentum









Remember:

This is not financial advice. Always do your own research and consult with a qualified financial advisor before making any investment decisions.
Market conditions can change rapidly, so be sure to monitor the stock closely and adjust your trading plan as needed.