Here we are again. Back to July/August lows? Or on to ATH?

Our recent breakout was a fakeout and we again have tested the support level indicated. We will soon be at a convergence of upward trendline and tested support. This poses an important point, up or down.

At risk if we break down, we could revisit and test our August low. However the more likely scenario will be a push back up to 57-58 range. The question remains whether we can carry enough momentum up to new ATHs.

IMHO of course and not financial advice. DYOR. All the best success in 2022!

Comment:

We spent a week at this level in September - my guess letting the leveraged traders time to assume more downside opportunity. Then we vaulted up. Still TBD but a similar move would test the upward trendline as (now) resistance.

Otherwise, down we go.