We just broke thru overhead horizontal support which was tested many many times as well as broke up thru the downtrend line which both have been tested with success. We're also coming out of an oversold position. Going long here would be safe with an exit of the underlying upward support line Ive drawn.
Several options here.......I always like to utilize the daily for support then watch the 4 hour for movement. Options.......you could shoot for the top of the channel put in place early January. You could use the original 45" shown in the first graph as an exit, or I just added one more in this graph that's much steeper as your exit. You could wait for the first pullback and cofimation of a new uptrend..(higher highs and higher lows)....keeping in mind that you''ll never go broke pulling profits.
There ya go. 8% overnight. Trade is still active as there are two support levels below us, a 45 and a horizontal. We could also make a bounce of higher lows and higher highs. Gotta love it!
We've come right back to support for a potential bounce of a higher low with the upside above the previous high from the previous chart. A long here with a stop just below support would be a low risk high reward trade.