Trade setup: Trends are mixed. Following a bullish breakout from Sideways Channel, price reached our target of $260, where it got rejected in Nov and July.
Swing Traders: Pullbacks near $220 support area could be an attractive swing trade entry, with upside back to $260 near-term. That $220 level was previously a resistance area, which was broken and turned into support area (concept known as polarity).
Trend Traders: If price breaks above $260 resistance zone, it could revisit $300 next.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $220 (previous resistance), then $200. The nearest Resistance Zone is $260, then $300.
Swing Traders: Pullbacks near $220 support area could be an attractive swing trade entry, with upside back to $260 near-term. That $220 level was previously a resistance area, which was broken and turned into support area (concept known as polarity).
Trend Traders: If price breaks above $260 resistance zone, it could revisit $300 next.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $220 (previous resistance), then $200. The nearest Resistance Zone is $260, then $300.