- Price actions is coming off a parabolic downward movement. We are targeting the 0.8 retrace on the long play.
- Next conservative entry is along the green line @ $46.50; but entries along the lower white bound of the channel should be taken.
- Stop Loss is about 5% below the channel; giving plenty of room for
- The overarching movement is probably .
The 100 candle MA is turning upwards; supporting the assumption that is entering the markets. Majority of the recent above average candles have been on green movements; supporting the case. Importantly, none of the candles on this downward movement broke above the 100 candle average.
The downward movement showed a on Nov-22 and Nov-25; which has allowed for the development of a . A higher low above 50.0
KEY PRICE AREAS
Resistance: 49.50, 52.00, 54.50
Support: 46.00, 44.50, 42.00
We caught a bounce at the 44.50 horizontal support, therefore we will continue to respect the Stop Loss and let this play through and monitor - though it's not looking promising at the moment.
It's worth waiting until the price breaks the resistance.