BANANA Update — Not Ready For An Entry Yet!

Aug 9

Banana has been hit hard lately and lost almost 70% from the latest high to low. On its way down, it crushed through every support level before bottoming slightly below $30.

From there, Banana already recovered more than 30%. However, if you haven't jumped in at the bottom, it is probably better to wait for a safe entry.

Although historical data is limited, it shows that the area between 39 and 42 has been used for consolidation before moving higher or lower.

Therefore, regarding a long entry, I would wait for a close and confirmation above the $42 level. If this happens, and the overall market stays bullish, we might see a run back toward 58 as the next bigger resistance.