The last two lows have started a new uptrend, as they have occurred on high levels of volume. With the last low being higher, I believe we are in the channel pictured above.
I see us hitting some light resistance at 13k again, before pushing up to 13.8k, the line of major resistance hit 2 weeks ago before the big drop. We may even go to 14k before dipping as that would still fit within this channel. Nothing too complicated, just wanted to point out this may be a good time to get in as we are seeing a lot of support here in the lower channel to push it higher for now.
I see us hitting some light resistance at 13k again, before pushing up to 13.8k, the line of major resistance hit 2 weeks ago before the big drop. We may even go to 14k before dipping as that would still fit within this channel. Nothing too complicated, just wanted to point out this may be a good time to get in as we are seeing a lot of support here in the lower channel to push it higher for now.
Comment:
So it looks like we broke below the channel, but the volume is very low considering it's a summer weekend. I am not convinced we have broken the channel and will head down more considering these factors. Let's wait for next week to determine further moves at this point.