CHZ Technical Analysis: CHZ Ready For Bull Run Above $0.10

Key technical points: 

Past Performance of CHZ

The CHZ price action shows a long-coming sideways trend in the daily chart after succumbing and the $0.10 mark. However, the growing bullish influence forms a double bottom pattern with the neckline and the psychological mark of $0.10. Additionally, the recent growth challenges the 50-day SMA close to the double bottom’s neckline, teasing a potential bullish breakout.

Source- Tradingview

CHZ Technical Analysis 

The CHZ price shows an increase in intraday trading volume, supporting the bullish trend and undermining the higher price rejection faced last night. Hence the price action shows a high probability of a bullish trend continuing above the opposing 50-day SMA. The DMI indicator shows the DI lines gradually gaining a bullish spread with an increase in trend momentum evident by the reversal in the ADX line. Hence the technical indicator supports the possibility of a bullish trend above the $0.10 mark.

The RSI indicator shows an ongoing uptrend in the underlying bullishness with the support of the 14-day average line and sustains in the overbought territory. In a nutshell, the CHZ price action analysis and the technical indicators are on the same page, projecting a bullish trend continuation.

Upcoming Trend 

If the ongoing uptrend surpasses the opposing 50-day SMA, the probability of CHZ prices skyrocketing 30% to reach the $0.13 mark increases drastically. However, a reversal from the $0.10 mark will lead to a 15% drop to retest the $0.085 mark.

Resistance Levels:  $0.10 and $0.13

Support Levels:$0.85 and $0.80