COMP: Pullback in UptrendCompound (COMP) technical analysis:
Trade setup : Price broke above 200-day MA with huge volumes and confirmed a bullish trend reversal. It’s also broken above $70 to signal uptrend resumption and hit a high of $87 where some trader began taking profits. Priced pulled back to the nearest support of $60, which also lines up with Fibonacci levels of $62 (38%) and bounced right off of that. Upside potential to $90 next.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance : Nearest Support Zone is $60 (previous resistance), then $47. The nearest Resistance Zone is $70, which it broke, then $93.