Attempting to break higher chasing monthly critical resistance
Price made a sharp run up in aug-13 to feb-14 from a
multiyear consolidation after the long bear run 2004-
2010. In March 2014 price made a clean bullish kumobreak
(Not bearish as written in the chart)
but has since produced sideways action in a Flag pattern
with slightly descending PA. On Monthly close basis 0,7780
is the critical level since with a close above, price would
avoid to enter the kumocloud on monthly tf and maintain
bullish prospects and the bullish trend. On weekly tf trend
is neutral.On lower tf trend is bearish but price is trying to
break above the descending trendline, and the triangle
pattern. We might se a run towards monthly resistance
if a break appears.
multiyear consolidation after the long bear run 2004-
2010. In March 2014 price made a clean bullish kumobreak
(Not bearish as written in the chart)
but has since produced sideways action in a Flag pattern
with slightly descending PA. On Monthly close basis 0,7780
is the critical level since with a close above, price would
avoid to enter the kumocloud on monthly tf and maintain
bullish prospects and the bullish trend. On weekly tf trend
is neutral.On lower tf trend is bearish but price is trying to
break above the descending trendline, and the triangle
pattern. We might se a run towards monthly resistance
if a break appears.