Multi Year resistance coming into play
We were In last week's trade looking for price to finally breakout higher in this market.
Whilst price did make the breakout through the resistance level , there was not the explosion that some may have expected.
After the breakout price made a quick rotation back lower where the breakout resistance held as a new support level .(see the 1 hour chart)
If this level now holds we could see price make a move higher into a resistance not tested since 2012 before a potential move much higher
Whilst price did make the breakout through the resistance level , there was not the explosion that some may have expected.
After the breakout price made a quick rotation back lower where the breakout resistance held as a new support level .(see the 1 hour chart)
If this level now holds we could see price make a move higher into a resistance not tested since 2012 before a potential move much higher
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.