On the chart, the price action of SKL is moving in a since the month of March 2021. It was moving between the resistance in the support of this very well. But after 28th May so far, the priceline of Skale is moving sideways and did not hit the resistance or support of the channel and moved slightly to the downside and now it has started moving towards the upside.
Breaking out the triangle:
If we switch to the 4 -hourly chart, then the price action has broken out the resistance of the triangle. Now the entry can be between: $0.25 to $0.258 and the support of the triangle can be used as a stop loss because here we have a recent swing low before the breakout which is $0.22. The immediate target after this breakout can be $
A big move:
On the weekly time frame chart, the price action has of SKL has formed a big pattern.
The buy and sell targets as per the Fibonacci sequence of this BAT can be as below:
Buy between: $0.2898 to $0.1684
Sell between: $0.5794 to $1. 01
The maximum extent of potential reversal zone $0.1684 can be used as stop loss. But there is strong support at $0.2240, therefore, we can use this level as stop loss to minimize the risk factor.
As per the above targets, this pattern has a huge profit potential of up to 499%, and the loss possibility is 42% but at this time it is 22% as the priceline is moving at $0.2240.