Bulls catch second wind and bust through triple resistance

Bulls caught their second wind and busted through a triple reinforced resistance line of the yellow fib line, and the convergence of the 200EMA and 200SMAs(on the four hour chart). They finally got the strength to close the day chart candle above that barrier which is a win for the bulls, Even though the candle on the day chart was indeed able to close above that barrier, it also closed as a hangingman candlestick pattern which can at times indicate a bearish reversal so it's best to trade cautiously at this time and more effectively hold and set smart stop losses if you do anything but be ready to buy right back in if you do...so probably best not to stop loss at this time...with the momentum we've had however and the fact that the inverted head and shoulders pattern usually yields a height that I indicated with the dotted line, I think there may be a chance of us reaching that price or even finding the pink moving average line as are new lline of resistance. Either direction is very possible for now so keep your eye on the incoming volume first and foremost and wait to see which way we're headed before diving into anything. Also make sure you're getting the ebst buy signals from a confluence of volume, rsi, mac d, and bollinger bands if you want to dial it in on the 4 hour 1 hour day and 30 minute charts. Cheers!

Comment:

Judging by the cureent depth chart I'd say the 100 EMA (in orange) has the highest probability of being our new resistance line.