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FBP can both shoot up or retrace at this point. WIth risk adjusted SL they offere great possible gains both for long and short. Longs have an I shoulder, Bears a recent potential blow off.
This is the benefits of watching weekly charts with a ten year perspective, this is called top down analysis from left to right and when the eyes are in the today days then I use a daily chart with different moving averages parameters. I can observe a Flag Pattern between a big channel and the price is breaking the resistance line of this flag, this allow me...
- Weakish resistance - Target around $3 - Space for additional consolidation before breakout