So here we are, price creeping upwards, following the trend line, in what looks very much like a nice and orderly fashion. On the 5 day chart (above) its like a nice gentle incline really. How long can it keep going like this before a correction ? Is it as gentle as all that or are we overbought? To be honest I’m thinking it would be nice to BTFD * as they say in TFMetalsReport but where are those dips anyway?
In a way we are in uncharted territory. Only once before has the price exceeded todays prices and back then it was a near vertical peak which rose and fell again almost immediately afterwards, leaving no obvious resistance levels standing out in bewteen near levels we are at now.
On the longer 3month scale, which I’ve cropped below, there is a bit of a pattern, not much to go by but maybe something, there have been two corrections back down to the trend line, marked in red elipses. It look like another may be possible if the price takes off up towards 24 or 25 a little too quickly in the next day or so we could see the price drop my a couple of dollars or so. If this does happen then I might be tempted to BTFD!
* BTFD = Buy the F**king Dip