TGOD broke the high of Thursday by a penny with no followthrough, remaining in its daily bearflag setup and giving the bulls cause for concern. Key support to hold is 5.92 and bulls must break 6.44 with follow through on big volume in order to negate the bear flag. Anything on the daily chart under 7.30 is just a lower high.
To change the trend the bulls will need to negate the bear flag, set a lower high below 7.30, set a higher low above 5.92, then break out to higher highs. If that happens, there is a lack of resistance between here and all time highs and there could be a decent move to the upside.
Bulls do appear to be buying the dips the past three trading days but will need to break above our clear resistance level on the daily chart.
Looking at the 1hr chart we do see an equilibrium playing out with successive higher lows. The most recent low to hold is 6.07, so any bottomfishing attempts would be made against that support. Break that support and that will increase the likelihood of confirming the bear flag and dropping down to lower lows on the daily chart.
To change the trend the bulls will need to negate the bear flag, set a lower high below 7.30, set a higher low above 5.92, then break out to higher highs. If that happens, there is a lack of resistance between here and all time highs and there could be a decent move to the upside.
Bulls do appear to be buying the dips the past three trading days but will need to break above our clear resistance level on the daily chart.
Looking at the 1hr chart we do see an equilibrium playing out with successive higher lows. The most recent low to hold is 6.07, so any bottomfishing attempts would be made against that support. Break that support and that will increase the likelihood of confirming the bear flag and dropping down to lower lows on the daily chart.