Technical analysis by SasanSeifi about Symbol ONG: Buy recommendation (10/6/2024)

Hey there, ✌ In the daily timeframe, as you can see, the price has entered a consolidation phase between 0.25 and 0.35 cents after a downward trend, maintaining the 0.25 cent level for nearly five months. Currently, the price is trading around the descending trend line at 0.31 cents. If we see demand and a breakout above the significant resistance level of 0.35 cents, and it holds, we can expect the price to rise towards the target of 0.40 to 0.42 cents. To understand the continuation of the trend, we should monitor how the price reacts at the first target.We may observe a pullback and then a renewed rise towards the supply area of the second target at 0.47 to 0.50 cents. The crucial support level remains at 0.25 cents. If the price does not behave as expected and breaks below 0.25 cents, the likelihood of further correction will increase.This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊