On February 6th we shared our analysis on GNT/USD. We stated that although the weekly timeframe is yet to break the bearish LH/LL structure; the daily timeframe had started communicating a trend reversal. Since then, in less than 10 days, GNT rose by over 85%.
Tomorrow, the weekly candle will be closing at midnight (UTC). Assuming there are no major changes, the candle will be closing very bullish and well above the monthly $0.053 key level. This would make the next swing target $0.114, to which price is rapidly moving towards.
Jumping to the daily timeframe, we can see that price had reached and well-exceeded the falling wedge’s target. Currently, price is above the daily $0.075 key level. As long as this holds, the next target stands firm at $0.114 as communicated by the weekly timeframe.
Conversely, if that breaks then a retracement towards $0.053 would be on the cards. However, considering the strength of the trend and the bullishness of the momentum, we favor the upside continuation scenario.
Once price approaches $0.114, we’ll re-assess. If the latter is broken, that’ll make $0.178 the next target.