The forming trendline since April initially acted as resistance, then turned support multiple times.If the trendline holds we should move into a bullish breakout of the pennant on the Daily which should hopefully give us enough momentum to break key resistance at the 3136 level and push us towards a move to at least 3220
You'll also see the RSI has just broken support, this is something to keep an eye on.
Let's see what happens in the upcoming session.
Cheers
You'll also see the RSI has just broken support, this is something to keep an eye on.
Let's see what happens in the upcoming session.
Cheers
Comment:
Comment:
We bounced off the supporting trendline and are now facing resistance at the downward trendline. If we break here we'll see a test of the 3136 level and if we break this, we'll move towards 3220. If we don't the price likely we'll drop back and touch the supporting trendline.
Pattern will be invalidated if we close below the supporting trendline.
Pattern will be invalidated if we close below the supporting trendline.