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Far from being a clean trend, however there has been a solid pump on this chart since vaccine news hit. This week, there have been scattered reports of a 'new' strain of COVID found in a number of countries. Not great...
As a consequence we are seeing some traders looking for safe havens; however the reality is we are talking about a few scattered reports - and it's not clear whether any new strain(s) are irresponsive to the current vaccine candidates. Until we know more about what this information means, we should continue to look to the data to tell us what we need to know.
The RSI is quickly pulling back to the point that as acted as a bounce point through this upward movement. Additionally there appears to be a horizontal support/resistance around $19 - although that is a significant drop from the current price. The price is in the middle of the channel, so by definition, it is on trend.
I would not be selling here. Yet.
Far from being a clean trend, however there has been a solid pump on this chart since vaccine news hit. This week, there have been scattered reports of a 'new' strain of COVID found in a number of countries. Not great...
As a consequence we are seeing some traders looking for safe havens; however the reality is we are talking about a few scattered reports - and it's not clear whether any new strain(s) are irresponsive to the current vaccine candidates. Until we know more about what this information means, we should continue to look to the data to tell us what we need to know.
The RSI is quickly pulling back to the point that as acted as a bounce point through this upward movement. Additionally there appears to be a horizontal support/resistance around $19 - although that is a significant drop from the current price. The price is in the middle of the channel, so by definition, it is on trend.
I would not be selling here. Yet.
