Nice momentum off a slight double-bottom to send us back to 4k. Current resistance holding at downtrend extreme high; if we breakout expect resistance around 200EMA.
IMO this was the only opportunity for a short-term bullish reversal (see yesterday's post) and it sets us up well to push to the lower trend average (dashed purple).
Keep in mind that we're still within the broadening wedge pattern which currently has a resistance zone close to the long-term average.
As the wedge expands, we could see some issues reaching breakout point if trend average doesn't budge.
IMO this was the only opportunity for a short-term bullish reversal (see yesterday's post) and it sets us up well to push to the lower trend average (dashed purple).
Keep in mind that we're still within the broadening wedge pattern which currently has a resistance zone close to the long-term average.
As the wedge expands, we could see some issues reaching breakout point if trend average doesn't budge.
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Related publications
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.