Technical analysis by SpecuVisionary about Symbol CFX: Buy recommendation (10/2/2024)

It is Uptober and great set ups are still keep to great tradesCFX has recently shown bullish momentum, breaking out from a classic Wyckoff Accumulation pattern. In this setup, the price consolidates at a bottom range before breaking out, indicating a potential shift from accumulation to markup phase, where stronger demand starts driving prices higher.Understanding the Wyckoff Bottom Theory:The Wyckoff Accumulation theory describes how "smart money" accumulates assets at a lower price range before pushing the market higher. The process involves several phases:Phase A – Stopping the downtrend, as supply decreases and demand begins to stabilize.Phase B – Building a cause: Accumulation continues as large investors absorb supply, creating a range.Phase C – Spring: A potential shakeout to trap remaining weak hands.Phase D – Demand outweighs supply, leading to a breakout as volume increases.Phase E – Markup: The asset moves upward in a sustained bullish trend.With CFX breaking above resistance levels from this accumulation zone, it could signify the start of a strong upward trend, supported by growing volume and market sentiment. Keep an eye on how the market responds for further confirmation