The MA proved to be a good support which held. The sharp decline past week shall be considered to have been a correction in a beginning trend up.
The support has held and another test of the top is running.
After the rise over 2 resistances the way up is the more likely one.
After the breakup over 2 resistances the way up is more likely.
The rise is impressive and the ceiling has not been reached yet.
A better support is hardly to be found. Trendline 2 sliding and 1 falling channels are supporting at this level.
The December decline seems to be overextended.
We are in a trading range. At moment we are trying to get lower to see the ground of the channel.
Being far above the previous top there is almost no charting possible. Neverteless a further attempt to rise may be expected after the spike.
As I told we are still in a new downtrend. The past decline has almost retraced now and another attempt to fall is due.
After having closed the window the short term channel delivers support.
The upward correction has stopped at the former support and another attempt to fall may be expected.
We are re-entering the trend channel what indicates a correction of the decline at least.
We've never been as high as now and the rise has no tendency to relax up to now.
After this breakthrough I have no other chance than to go long again. A new high is a new high.
I suppose that we will hold above the critival 120 MA today that will serve as support then.