On this time price gapped up out of the consolidation zone, on higher . On the there is no resistance until 47.70, the bar was very and closed above the 200ma. Initially this may look like a good near term opportunity.
But on the weekly there could be earlier resistance at the 50ma ($45.42 zone). Plus today NFP is announced. In recent times NFP has not has the impact on the markets it has had in the past, but it still makes sense to stay out of the market for a day or two leading up to it. A small price to pay to preserve capital.
"price gapped up out of the consolidation zone, on higher volume."
What is the consolidation zone? What is the meaning of "gapped up"?
Please explain how you arrive to the conclusion:–
"On the daily chart there is no resistance until 47.70, the bar was very bullish and closed above the 200ma. Initially this may look like a good near term opportunity."
A consolidation zone is an area where price moves sideways between a high and low price. I highlighted it orange on my daily chart.
A gap up is when the open is above the close of the previous day.
The 47.70 resistance is where price was before the start of the consolidation (when price gapped down in May). Drawn as a blue dashed line on the daily.
A bullish bar is one where the close is towards the high of the bar.
The 200ma is the red line on the daily chart.
I hope this helps explain my analysis. I understand learning to trade is a whole new language - please persevere as the rewards will come!