Right now, it looks like we're caught out in a wedge that establishes a resistance between 158-160. At this very moment, we're testing that wedge. We have an overall larger sideways resistance at the 180 region, so we need to break out of their to determine if we are in fact headed towards bullish momentum. Failure to breach that sideways resistance would indicate that we need to strap ourselves in for a longer bear season. Likewise, look for a breach of the sideways support line within the wedge; I fear that breaking that ultimately indicates additional downside. For now, I'm long, with a potential for 20 dollars in upside.
Comment:
Well that was a nice hour lol. We've broken out of the wedge, and it didn't even wick out, so I expect some good things to happen here. I need to see a close above 159 and change within the next 7 hours to be convinced that we're broken out of this wedge.
Comment:
Here's a short play for those of you interested.
Here's a short play for those of you interested.