I believe we are breaking out of a long term trend line starting at the high of 146 on June 17th 2019 in this weekly candle depending on where it closes in six days, also the blue shorter term trend line stemming from the two wicks @ the highs 50.96 on April 27th 2020 and the wick on June 1st 2020 @49.90. To really confirm a breakout we not only have to close the weekly outside of the long term trend line but also not get rejected from the blue trend line, which if we tested this week would be at 48.87. A confirmed break above that level as well as the long term trend line and i will have my target set for 80$ with a hopeful retest of 64$ before a continuation. This is all subject to change depending on where this weekly candle closes.
Trade active:
Trade is still active from this chart, I believe we may go through the 60 resistance quickly if things pickup rapidly and I am still keeping my 80 target but spreading it out around 5 levels at 75, 77, 79, 81, 83... new post about this same idea too.
