Bullish move

 

Image

Heres the latest 10 day chart I’ve been looking at. Still putting in the bear channel I’ve been watching but added in a new parallel above the old channel after yesterday’s breakout. Resistance was met at roughly the equal distance up that I might have guessed I’d see it.

In green is the smaller bull channel which successfully broke up through resistance yesterday. Looks like that bull channel will provide support around $110 but then there is the descending resistance forming a closing triangle which looks like it should resolve itself within 24 hours or so.

As I’m currently a short term bear, I’m thinking the up move will fail to break resistance a second time and price may end up back below $100 soon enough. However I was wrong about the last time we came up to resistance and could be again.

Thats all for now.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s