Quant Price Forecast: QNTUSD’s Breakout on July 29 Invalidated

Azeez Mustapha

Updated:

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Quant Price Forecast: August 6

The Quant price forecast is for the buyers to rejuvenate the market for another potential breakout after the initial breakout invalidation.

Quant Long-Term Trend: Bullish (1-day Chart)

Key Levels:
Zones of supply: $117.60, $149.60, $167.10
Zones of Demand: $96.90, $87.60, $75.50

Quant Price Forecast: QNTUSD's Breakout on July 29 Invalidated

The recent breakout in the Quant market on July 29 has lost its validity, with the price retracting into a triangle pattern. Despite buyers attempting a market reversal from $96.90 and successfully implementing a triangle pattern for the breakout, its weakness led to the price returning within the triangle. The bulls are aiming to rejuvenate the market for a subsequent breakout.

Quant Price Forecast: QNT/USD Outlook

The QNTUSD market breakout on July 29, has lost its validity, reversing the previous market dynamics. After initiating a reversal from the $96.90 price point, buyers embraced a triangle pattern strategy.

As anticipated, this strategy led to the breakout on July 29. However, the breakout exhibited weakness, prompting a subsequent decline back into the triangle formation. The bulls aim to rejuvenate market conditions for a potential breakout.

As a result, the invalidated breakout and then retreat into the triangle, the Parabolic SAR (Stop and Reverse) dots have swiftly shifted to position themselves above the daily candlesticks.

QNT/USD Medium-Term Trend: Bullish (4-hour chart)

Simultaneously, the RSI (Relative Strength Index) indicator on the daily chart has retraced below the crucial 50 mark, reflecting the altered dynamics. This correlation between the daily and 4-hour charts is notable, as observed in the Parabolic SAR dots persistently placed above the candlesticks.

Quant Price Forecast: QNTUSD's Breakout on July 29 Invalidated

Similarly, the RSI line on the 4-hour chart has descended to test the oversold boundary before rebounding slightly upward. The bullish outlook hinges on the prospective market revitalization, fostering renewed momentum for a potential price surge. The goal remains to breach the $117.60 resistance level.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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