Sandbox (SAND) – Record rally expected to gain more legsPosted on Tuesday, November 23 2021 at 8:48 pm GMT+0000
Sandbox (SAND) powered higher after breaking out of the Bullish pennant, to reach a new record of 5.68 just below the 261.8% Fibonacci extension of the 3.45 – 2.01 down-leg.
And even though the technical picture is overwhelmingly positive, some profit-taking would be normal in the short-term specifically as the ROC oscillator flattened lately and the stochastic lines are tangled above the 80 overbought level, revealing some waning in the positive charge.
However, for buyers to remain in charge, they would have to push beyond the 261.8% Fibonacci level at 5.78, and the neighboring round psychological number at 6.00. Deeper in uncharted waters, SAND would seek to target initially the 6.50 mark and the 327.2% Fibonacci extension at 6.72.
Now if sellers took the lead, they could initially steer the price towards the November 18th high of 4.69 and the adjacent 21-period exponential moving average. A bit lower, the 55-period moving average would come to the rescue and try to prevent a deeper depreciation towards the zone between the 3.74 inside-swing low and the November 3rd high of 3.45. A break of the latter, will dampen the current structure and open the way towards the 3.00-2.90 area.
Overall, the record rally in Sandbox is expected to gain more legs, should the 5.78 – 6.00 resistance ceiling cracks.