Synereo AMP downside risk
|Synereo AMP is clearly trading upwards if looking on the long term picture. Today price reached the uptrend trendline which could potentially be the turning point, where the long-term uptrend could resume.
But, as of yet there is no confirmation that the trendline is rejected and more data is required. Break below the trendline should result in further decline, towards major support at $0.123, that previously acted as the resistance as well as support.
At the same time, if daily close will not get below the uptrend trendline, the wave up could begin sooner than expected. This could result in either a long term uptrend continuation or a strong corrective wave up, towards the upper trendline of the descending channel.
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