I've seen similar takes on this recently from people much smarter than I, but as I'm still learning, I figured I'd take a stab at this. I see support for continued upside on the chart in the near term, although they've been very sneaky about it this week.
Overall, we appear to be respecting a well established channel on 4hr and daily charts this week after initially bouncing from a primary term support level following last week's rally/squeeze on Thursday & Friday.
To be clear, I'm wary of any upside past the 444-446 range since we will intersect with the mid-term downtrend and likely face some strong resistance. However, I think Friday and possibly even until mid next week we see further upside as I'm practically convinced now we will reach the levels I've mentioned. Bullish divergence on the daily charts as well as some interesting things happening on the weekly chart may support this theory as well.
Overall, we appear to be respecting a well established channel on 4hr and daily charts this week after initially bouncing from a primary term support level following last week's rally/squeeze on Thursday & Friday.
To be clear, I'm wary of any upside past the 444-446 range since we will intersect with the mid-term downtrend and likely face some strong resistance. However, I think Friday and possibly even until mid next week we see further upside as I'm practically convinced now we will reach the levels I've mentioned. Bullish divergence on the daily charts as well as some interesting things happening on the weekly chart may support this theory as well.
Comment:
This setup looks like it may break down with the overnight price action, but let's see where we open. 427-429 zone stills seems to hold.