A New Rose

ROSE is back again

Don’t worry, you don’t need to have a deep understanding of late 70’s British punk nor do you need to know every song Guns N’ Roses covered on The Spaghetti Incident.  The New Rose we are referring to today is the same ROSE we spoke about HERE back in late November.

ROSE was only just getting to its resistance back then and it did a full retreat back to the upward sloping trendline.  This is where waiting for confirmation would keep you out of entering the trade and it’s also where understanding support would have gotten you into a trade that is already up 90%.

Current ROSE Price Action

The area from $0.23 – $0.25 worked out perfectly as a retest of the original ATH, local support and the upward sloping trend all converged around the same zone.  This area has catapulted ROSE all the way back to the upper trendline that has now been resistance two times before after very serious rallies.  

The question remains once again – can ROSE flip this resistance and push closer to $0.58 and then eventually $0.91?

This is why we watch and this is why we wait.  Those who entered at $0.23 will likely be scaling out at the moment.  The question is then, how much to they sell and will it be enough to deter the momentum from trashing this resistance level?

All eyes on ROSE to see if we get a NEW ROSE, a new ATH and some new price discovery levels to look at for the future.

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