For the first time since April 13, price has managed to break above the key resistance level, as indicated by the green line. Now that price is above this critial level, two scenrios can play out here.
1. Price holds the green support level and move to test the top end channel.
2. False breakout. Price consolidates back below the green support level. Look for more potential downside.
1. Price holds the green support level and move to test the top end channel.
2. False breakout. Price consolidates back below the green support level. Look for more potential downside.
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Disclaimer
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.