Based on recent trading it would be prudent to look at other indicators to confirm the move. The chart below shows some indicators we will use to get confirmations in the event that price breaks resistance. The is in zone despite the recent downturn and is has plenty of room to run if the price confirms to the upside. has been very and continues to be so, as money has continued to come into despite all the in price. is close to crossing over which would trigger a buy signal. What’s even more significant is that is now in positive territory when making the cross over, so this is another potential signal. (OBV) is trending at a low level, an upside move in price should be confirmed with a rising OBV. Using other indicators to confirm is essential when analyzing charts particularly when we are a period of uncertainty and waiting for signals to trade.
We don’t have any definite trading signals as price has created a false breakout followed by a false breakdown. Price is now back in the cloud and rubbing against resistance. The weight of the evidence leans and if price confirms a buy signal will be triggered. In the meantime, there is no need to rush into a trade. Price will tell us what we need to know soon enough.