So we managed to break that ~$55.60 line I mentioned yesterday and it's back to being a support. And then we got the bump. Awesome!
What's less awesome is that we have a new short term triangle developing, and it has less of an upside than our long term one. But don't panic yet -- there's still a good chance that we can break out of it upwards and then test the original one.
In either case we're likely going to be continuing to bounce around for the next 2-4 days -- unless the amazon rumors turn out to be true and then all bets are off.
Points to watch:
$55.55 This was our resistance line yesterday. It's our support today. But right now it's quite weak. If we fall and hold beneath it we'll probably go back down to the bottom of our triangle at $54.07 again.
$57.50 - This is our three day resistance line AND now the top of the new triangle. If we break and hold past this then we can start testing $59 and eventually the top of our 1.5 month triangle at $60.15. If we break that it'll be a great sign.
What's less awesome is that we have a new short term triangle developing, and it has less of an upside than our long term one. But don't panic yet -- there's still a good chance that we can break out of it upwards and then test the original one.
In either case we're likely going to be continuing to bounce around for the next 2-4 days -- unless the amazon rumors turn out to be true and then all bets are off.
Points to watch:
$55.55 This was our resistance line yesterday. It's our support today. But right now it's quite weak. If we fall and hold beneath it we'll probably go back down to the bottom of our triangle at $54.07 again.
$57.50 - This is our three day resistance line AND now the top of the new triangle. If we break and hold past this then we can start testing $59 and eventually the top of our 1.5 month triangle at $60.15. If we break that it'll be a great sign.