Well, it looked like we broke above the downward trendline, but it just wasn't convincing enough, right now it looks like we're going to head into a wedge of sorts. Looking at the chart, you can see where I've added in the green lines from the previous channel we were trading in before we broke out for a bit, and then the yellow lines which make up the most recent downward channel and the longterm trendline resistance we've encountered.
The two are now on a path to cross into this wedge that is highlighted in green and I'm very curious to see how it plays out (as we all are). I've heard from people who are bearish and bullish, personally I'm not sure what to make of the RSI. MACD is crossing back down it appears. We'll know soon, but I fear that without some solid news the volume and sentiment just isn't there to see it break. That said, many people have been waiting for this current downtrend to end, so traders might jump on early if they see a little more confirmation that we've broken out.
The two are now on a path to cross into this wedge that is highlighted in green and I'm very curious to see how it plays out (as we all are). I've heard from people who are bearish and bullish, personally I'm not sure what to make of the RSI. MACD is crossing back down it appears. We'll know soon, but I fear that without some solid news the volume and sentiment just isn't there to see it break. That said, many people have been waiting for this current downtrend to end, so traders might jump on early if they see a little more confirmation that we've broken out.
