What do you think of the idea of not drawing lines to what you believe are statistical outliers? This chart shows a dubious support line connecting the low in Nov 2008 and the low in Jan 2016 ignoring the flash corona virus low in march 2020. I quite like this line as the price action has used it as support and resistance and few times, as well as break out and break up points. There is confluence with the EQ of the parallel trading range showing that the price could touch $20 before making the big decision as to if it will break down up or significantly. Personally I'd bet on a break up due to the crazy money printing, though I am biased with PM's.
The EQ of this parallel range has been definite resistance with the obvious break out point in July 2020, I'd love to see us come back down to test that point and hold it as resistance; which of course would be incredibly bullish.
What are your thoughts?
The EQ of this parallel range has been definite resistance with the obvious break out point in July 2020, I'd love to see us come back down to test that point and hold it as resistance; which of course would be incredibly bullish.
What are your thoughts?