Apologies for the late post guys, been having some internet issues and then my TV charts reset on me :/
We received a nice bullish breakout off yesterday's candle which pushed us all the way to 2750 critical resistance with a high just short of 200EMA.
Further momentum could send us back to long-term trendline (solid purple) before another notable correction occurs. We would need to flip 200EMA, as well as the ~2850 zone, however reaching the intersection between LT trendline and the dashed blue line (~3/11) could make this transition a success. On the other hand, we could dip back down to the original short-term triangular resistance line if 2600 fails to hold.
Although I would much rather prefer a bullish outcome I still tend to lean towards the latter scenario based on price history and where we are in relation to prior cycles.
We received a nice bullish breakout off yesterday's candle which pushed us all the way to 2750 critical resistance with a high just short of 200EMA.
Further momentum could send us back to long-term trendline (solid purple) before another notable correction occurs. We would need to flip 200EMA, as well as the ~2850 zone, however reaching the intersection between LT trendline and the dashed blue line (~3/11) could make this transition a success. On the other hand, we could dip back down to the original short-term triangular resistance line if 2600 fails to hold.
Although I would much rather prefer a bullish outcome I still tend to lean towards the latter scenario based on price history and where we are in relation to prior cycles.
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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.