Trade setup: Price remains in an Uptrend. After consolidating in a Bullish Flag pattern, price broke out in the direction of the existing Uptrend and above $400 resistance to signal resumption of Uptrend with +10% upside potential near-term to $450. Stop Loss (SL) at $387.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $350 (previous resistance), then $300. The nearest Resistance Zone is $400, which it broke, then $450.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $350 (previous resistance), then $300. The nearest Resistance Zone is $400, which it broke, then $450.