At first glance this chart is a bit of a mess. There are many intermingling trend-lines, but my eyes are drawn to a falling wedge which I have colored with blue to help it stand out. After some analysis, Friday's (11/8) candle has bounced in a very interesting place. Prior resistance (red line & arrows), a newly confirmed up-trend (light-gray), our blue down trend and the 61.8% retracement.
Decent volume on this bounce, comparable to previous bounces along this trend-line.
RSI appears to be confirming the move.
I think we chop below $102 for a few days but eventually revisit the falling wedge top.
Decent volume on this bounce, comparable to previous bounces along this trend-line.
RSI appears to be confirming the move.
I think we chop below $102 for a few days but eventually revisit the falling wedge top.
Comment:
My 102 comment was a little careless in hindsight.The volume profile doesn't show a lot of resistance until about 102.98.
Comment:
As expected, we're at the top of the channel.