FUNFARES (FUN) Technical Analysis

I bought this purely based on the charts, and now I have regrets after researching a little more into the background of the company. I'm not so sure this is a stable outfit, and I don't know if they are going to last very long. Whatever the case, the chart still looks great but I'm going to sell my position as soon as it breaks out. That is, IF it breaks out. I think it will, because these formations are very predictable.

I noticed that a lot of the penny cryptos were taking a beating last night, and I figured out what was going on. Everyone was piling money back into Bitcoin. It was the only one of the big three that was in an uptrend. There was a lot of heavy selling around 9pm last night, where several of these plays I have been tracking seemed to have violated the baselines of their charts. Whenever I see the majority of these plays doing the same thing, where they violate the slow moving average and "mess up" the pretty picture they have been painting for days, you can count on the fact that it's temporary.

So anyhow, this is a "once-and-done" for me and I'll probably leave the FUN alone.