Market Overview for Plume/Turkish Lira (PLUMETRY)

Summary
• Price dropped sharply overnight but rebounded strongly in the early morning hours.
• Volatility increased as price swung between $1.966 and $2.110.
• Volume spiked during the late-night decline and again during the early morning rally.
• RSI signaled overbought and oversold conditions multiple times.
• A potential bullish engulfing pattern formed near session lows.

The Plume/Turkish Lira (PLUMETRY) opened at $2.066 on 2025-11-06 at 12:00 ET, reached a high of $2.110, a low of $1.966, and closed at $2.092 at 12:00 ET on 2025-11-07. Over the 24-hour period, total volume traded was 1,634,544.0 units, with a notional turnover of $3,383,845.62.

The price action exhibited significant consolidation in the early hours, followed by a sharp sell-off that tested $1.966. A strong rebound emerged after 00:00 ET, with PLUMETRY forming a series of bullish continuation patterns as it reclaimed key psychological levels. The 15-minute 20SMA crossed above the 50SMA in the early morning, indicating a potential shift in short-term sentiment. However, the 50EMA remained below the 200EMA, suggesting medium-term bearish bias.

The RSI reached oversold territory at 28 during the sell-off, then surged into overbought territory above 70 during the morning rally, indicating strong momentum shifts. MACD turned positive in the early hours, confirming a bullish crossover. Bollinger Bands expanded during the sell-off, then narrowed during the consolidation phase, before the price pushed back above the upper band on the morning upmove.

Fibonacci retracement levels showed PLUMETRY testing the 61.8% retracement of the prior bear leg during the morning rebound, adding technical significance to the bounce. Volume remained elevated during key reversal points, with no significant divergence between price and volume observed. A key support level appears to have formed near $1.966, with resistance forming at the 2.10–2.11 range.

Backtest Hypothesis
The backtest strategy focuses on identifying and acting on bullish engulfing patterns in the close prices of PLUMETRY, with a holding period of three trading days. Using daily data from 2022-01-01 to 2025-11-07, the strategy assumes entry on the close of the day a bullish engulfing pattern is detected and forces a close on the third trading day. This approach aims to capture short-term bullish momentum without the use of stop-loss or take-profit triggers, relying instead on time-based exit rules. The performance metrics, including CAGR, win-rate, and drawdown, are available for further review in the interactive report.