RSI is reaching prior resistance around 60 aswell as the 50 EMA on the daily. Still in a nice channel. I would be careful to call it a wedge at this point.
A break could bring support on top of the EMA and give yet another uptrend confirmation. Will bring obstacles around previous resistances at 8600 and major 9100. A rejection at EMA could initiate a double top, or more likely a very much needed healthy retracement for a new bounce at 7400-7800 depending on the rejection. A high Risk/Reward ratio right now. In other words a no-trade zone.
A break could bring support on top of the EMA and give yet another uptrend confirmation. Will bring obstacles around previous resistances at 8600 and major 9100. A rejection at EMA could initiate a double top, or more likely a very much needed healthy retracement for a new bounce at 7400-7800 depending on the rejection. A high Risk/Reward ratio right now. In other words a no-trade zone.
Comment:
Shorts in disbelief as they aren't decreasing. Let's see if they are right. Shorts are now at short term bottom level, 6400. We will probably see a close above 50 EMA on daily. Fractals are speaking for a test of 9100. This would also mean a break of RSI resistance at 62. Will we see Lambo orders now?
Comment:
Breakout from resistance! More confirmations for an uptrend every day.
Trade active:
Back at previous resistances/support. Expecting support test again before bullish continuation