I'm not exactly sure we're going to back test the ascending trend line and head down. We were pretty oversold. I'm more convinced that it's going to recapture the horizontal support/resistance line, retest once above and then head to the most recent highs, ultimately working its way to the weekly downtrend line.
Note
We have broken above the noted resistance. It would be healthy for this to pull back to test what is now a support before heading higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.