When markets turn into a bullish direction especially in a bear market traders and investors "fomo" into the buying bringing momentum and strength into a move. We have been in an accumulation zone since about February. Im looking for a pull back which we did get but still waiting for a larger more healthy correction to continue this bullish move and really test some of last years support which is now resistance
when we dropped. If you are wondering how and why it moved that high take a look at the volume and past price action in those areas. There really was none so it was easily breached. The volume was almost 4x the normal recently also. We hit through the 200 ema and closed above and that is a beautiful breakout. Keep an eye on this to watch for the price to consolidate then make a test for new support created. In the diagram you can see some thoughts i have at first look at the charts today. Thank you stay safe!~
when we dropped. If you are wondering how and why it moved that high take a look at the volume and past price action in those areas. There really was none so it was easily breached. The volume was almost 4x the normal recently also. We hit through the 200 ema and closed above and that is a beautiful breakout. Keep an eye on this to watch for the price to consolidate then make a test for new support created. In the diagram you can see some thoughts i have at first look at the charts today. Thank you stay safe!~
