Intricate & long-term sequence of advances and pull-backs to form distinctive bowl shapes. These all sit inside a single larger bowl formation & we are currently in the final push to complete the larger bowl formation.
Evidence for this is a double bottom, and MACD upward cross signifying the latest of the smaller cups is about to complete its shape.
Nice 50% retrace from initial impulse move. Consolidation. Re-tested 11.50p bottom several times.
Broken falling trend today/pennant set-up, momentum indicators also making a move.
Extension gives a 22p target.
I'm now out of the long trade posted when the bottom of the right shoulder was established. This has played out well with it now approaching completion.
The next potential move here is much bigger. A break of the neckline at 3.0 gives a measured long to around 4.4.
Pennant formed & seems to be the play.
12p is the intersect. It has a couple of goes today but failed.
On a detail view the MACD crossed today and I believe RSI has a small break from trend.
Looks like we are at the business end here.
I'm long to 20p if 12 breaks.
Gold is still looking for direction. In the meantime it has a (narrowing) trading range between $1351 at the top and $1320 at the bottom. Long / Short between these levels.
Break $1351 is a clear long signal for a move upward towards $1400.
Break $1320 is a clear short signal and will likely trigger a move towards $1200
I believe we are seeing a long-term inverse H&S in play and we now have a completed the downward leg of RH shoulder. This should give a long to the 3 area from here - before the H&S neckline is challenged for a bigger move.
Not without risk. Support is from the 100DMA at 2.6.
The falling trend line is the first resistance that needs to break. Followed by the smaller inverse H&S neckline followed by larger one. The 100DMA (and further fallback 200DMA) thus far has provided excellent support.
Very tradable in ranges between those moving averages and the trendline at the moment.
follow up to post from a few days ago. First target of $11.07 hit. Long now to $11.81 to retest the long-term resistance. I suspect it will form an inverse H&S upon hitting that resistance to build strength for potential higher move still.
Huge move for Gold today.
Prior cup/handle pattern was assumed rejected but may still be on OR this will consolidate in the $1350-$1360 corridor forming a shoulder to complete an inverse H&S.
Outcome in either case is similar a measured move to $14.60.
MACD is due to cross as well. Plenty of momentum if it wants to do it this time....
Nice cup and handle set-up has led to a full breakout.
RSI is hot, but on weekly view OK and volume is incredible.
Volume is fuelled by rumours of imminent launch and possible takeover from major.
Provided volume is sustained, both MACD and Stoch RSI suggest more in the tank for a further impulse move to around the 20p level where it IPOd.