The daily chart
had been in a 2 mo trading range(TR
) following the big bull breakout day on Dec 3
. We have a breakout now that hit target 1 (2x the trading range measured move) - Bulls see this as follow through on Dec
3 and will need a bigger push to convince that we are in a bull
trend -- the 2 day breakout looks good and strong enough that we should expect additional bullish movement - however may get a pullback to 50% area
of this break above the TR
first. Bulls are targeting prior highs of 1.15 and 1.17 - I have a conservative target of 1.13 with the next push from this pullback.