2022-09-16 09:45:23

QNT Technical Analysis: Quant Buyers Challenge The Inevitable

The QNT price action shows a bullish reversal from the 100-day EMA challenging the 200-day EMA and attempting to avoid a bearish pattern. The QNT price action shows a morning star pattern forming at the 100-day EMA leading the prices back above the psychological mark of $100. The resurging buying pressure with the 4.84% bullish candle attempts to avoid a drop to the $88 mark. So, should you take a bullish entry, or is it just a trap for buyers? Key Points: The Quant prices sustain above the 100-day EMA. The bullish reversal challenges the head and shoulder possibility in the daily chart. The intraday trading volume in Quant is $50 million. Source – TradingView QNT Technical Analysis As mentioned in our previous article, the QNT prices failed to sustain above the $100 psychological level, leading to a price drop to the 100-day EMA. The price action displays a recovery rally struggling to reach the 23.60% Fibonacci level at $112. Furthermore, the recovery rally challenges the head and shoulder possibility in the daily chart with a neckline at the $88 support level. The spike in the intraday trading volume increases the recovery rally momentum, but the Doji candle forming in the daily candle questions the bullish follow-through. Additionally, despite the prices sustaining above the 50 and 100-day EMA, the buyers must overtake the 200-day EMA for further growth. A bullish breakout of the 23.60% Fibonacci level will unleash the tra...

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