I was under the impression we would have another leg down in the descending channel and hit 385-400. However, with this channel breakout, and above the 200SMA on the 4h, I'm having doubts of that happening with this change of character. Furthermore, the signs was definitely showing in the MACD and RSI as well of a bullish divergence while in the channel. Fake breakout or the true channel breakout to new ATH?
Trade closed: target reached:
Looks like it went out and hit the 200SMA on the daily as the target.