Used lowest lows and highest highs of peaks and valleys to draw out channel. If it holds against tests good trade opportunity of about a 1-6 risk /reward ration. Out of the long position and ready to go short. Will wait for more testing of resistance and/or a following breakdown of price on volume. TEMA crossover and SRSI down-shift as confirmation. Watch out ...
Large bullish candlestick breaking out of moving averages and resistance levels. Might have a brief pull-back as seems common enough with these signals. If the short history here is any clue, we have technicals very indicative of future price movements; between no BS support and resistance and clear 1-2-day candlestick signals, the HSI seems to be an easy read.
Aside from the clear inverse H&S, SRSI gave an over-sold buy-signal, we had relative consolidation of the trend-lines which continued as new support to the end of yesterday, and 50 ma's continue as support today. I'm curious to see what we will do again with the 168.20 mark. I see a MA/Resistance squeeze coming up.
The 200ma/ema for the minute chart has provided key support throughout this rally, but price movements broke down harshly through them along with S/R levels (168.15/16 level especially) Previous support levels along with MAs have now shifted to resistance. This looks like the turn the bears have been looking for.