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Most traders are looking at the wrong thing on $FET right now.
The chart is starting to look a bit heavy. We’ve been stuck in this choppy range between $0.22 and $0.25 for weeks and the momentum is clearly drying up. You can see those lower highs starting to form which usually isn't a great sign for the bulls.
Right now $0.22 is the only thing keeping this from a nasty drop. We’ve tested it a few times and it’s holding for now but the volume is pretty thin. If we lose this level we’re likely heading straight down to the $0.19 zone to find some actual buyers.
I’m not entering anything here. It’s a "wait and watch" situation. If it manages to reclaim $0.24 with some real strength maybe we talk but right now it feels like it’s just bleeding out slowly.
Keep an eye on the daily close. If we close under $0.2260 it might be time to step aside and wait for a better entry lower down.
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