Hi Tradeprofits,0.05c is structure support, 15cents is next...

Hi Tradeprofits,
0.05c is structure support, 15cents is next resistance. This is a weekly chart, which will usually denote a long term swing timeframe. If you look at the RSI section at the bottom of the chart, you will see how the RSI indicator went 'red' in October 2017 and 'green' in 2019. This gives us the range (0.05c - 0.15c). Break & Close Above (B&CA) 0.15c confirms a break out of the range. If that happens, the momentum will shift (long term) to the upside and the new support level will be 0.15c. Hope this clarifies your question.

On the flipside, if price is unable to break and close above 0.15c, it then return back down to 0.05c in a rangebound continuation. So this is why I say, 0.15c is KEY. Once that 0.15c level is breached and closed over, then sit back and just watch it play out. Once a break out is confirmed. There's going to be an extension. From a technical analysis perspective, break-out of the 0.15c represents a 'wave 3' in Elliot Wave theory which will then be followed by a wave 4 and a wave 5. Hope this helps.