The 1D Channel Up has started to pull back (RSI = 55.174, MACD = 1.530, Highs/Lows = 0.0000) in an attempt to find a Higher Low before making a new High. There is an interim supporting zone (dotted line) and which can be a target for shorts and a first long entry for buyers. If that doesn't hold, the hard technical Higher Low is located on the -8.10% retracement level. TP1 = 58.00, TP2 = 59.00.
I like the fact we touched the top channel line 4 times already (bullish) but we are closer to resistance than we are to support.
We might see a good bounce off the 53 level you have identified. Here is another scenario i am thinking about.
InvestingScope
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@etfsandstuff, Nice chart but at the moment 46.00 is out of the picture. Unless the 1D Channel Up breaks on strong momentum. We can talk about this when it happens.
etfsandstuff
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@InvestingScope, agree, doesnt make sense getting ahead of myself, will see what happens if we enter the neutral zone i have identified here. Thanks
InvestingScope
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@etfsandstuff, Exactly that it a great illustration. Well done on identifying the neutral zone.
Im in from this level, same view