FCPO Daily Analysis for 24 October 2024 - Strong Bullish BOToday's price action serves as a textbook example of how consolidation periods often precede significant market moves. The triangle breakout pattern that developed on the 1-hour chart has played out with precision, leading to a strong rally that has shown little resistance thus far. What is particularly encouraging for bulls is the sustained momentum throughout today's session. Despite brief pullbacks, the market has consistently pushed higher, showing no signs of reversal at this stage.
For traders, today's breakout offers both validation of the bullish trend and a potential buying opportunity. However, it is crucial to remain cautious as the RSI is now in overbought territory, suggesting that a short-term correction could be on the horizon. That said, the broader trend remains upward, and dips could be seen as buying opportunities for those looking to enter or add to existing long positions.
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