Log chart broken down on a weekly scale then zoomed into daily for near-term analysis. As you can see, both RSI and price have entered, or will soon enter a chop zone that will determine whether it tests the upper DTL (85), or breaks down to re-test the lower DTL (64). Resistance near 73 will be the key indicator. If price action blows through this line, we can expect to extend into the upper area of the chop zone. Otherwise, supply in the lower area should prove difficult to overcome until e/r.
Obviously, breaking 64 is the worst possible outcome for bulls.
Obviously, breaking 64 is the worst possible outcome for bulls.
Note
Healthy pullback on 1/22/19 and consolidation near 68-70. Idea still valid, pending weekly close.Trade closed: target reached
Passed through chop zone on 2nd effort resulting in a breakout to 78.15. Likely still has room to go north, but closing as a successful trade.
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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.