This name has been building a base since 2018 Feb lows and seems to attempt a breakout towards its ATH.
Price has been consolidating in a falling wedge last week and sits now above $70 key level and the 10dma indicating momentum. XLB is showing very similar setup, tough it hasn't broken up yet.
If price holds the nearest support, we could see 72 then high 73-low 74 quickly.
Otherwise, we'll retest $ 67.50 region.
Cup and Handle LT play also possible with a measured target of 88.78 into 2019.
Price has been consolidating in a falling wedge last week and sits now above $70 key level and the 10dma indicating momentum. XLB is showing very similar setup, tough it hasn't broken up yet.
If price holds the nearest support, we could see 72 then high 73-low 74 quickly.
Otherwise, we'll retest $ 67.50 region.
Cup and Handle LT play also possible with a measured target of 88.78 into 2019.
Comment:
Day 1: We closed tightly at support support. Setup is still valid.