DD - 3rd Leg in a 3 Drives Bull channel; finding support
This looks like it will end up being a nice 3 drives bull channel, and we are near the channel support, and will be looking for a nice bull trend bar or a high 1 pullback entry bar to buy.
I was also looking at the possibility of a small trading range (between points B and C). That is also setting up support and will likely have a successful bull breakout.
There seems to be much more buying pressure since August began, with many of the bars being strong bull trend bars closing at the highs. More recently on the daily, bear bars have accounted for less than 40% of the bars. The bull bars have also been generally stronger.
I would expect an AB=CD for the final leg of a three drives, as it also tops out perfectly at channel resistance.
The price is also finding support above the trendline that goes from upper left to lower right and ends at point C.
More sideways action wouldn't suprise me, especially an inside bar tomorrow. That would put it in breakout mode. This will take the price to the trendline while staying above 65.90 support.
Buy on a strong bull trend bar or a high 1 pullback entry bar. Less aggressive traders could buy above clearance of the trading range resistance (66.40). Failure unlikely given buying pressure.
I was also looking at the possibility of a small trading range (between points B and C). That is also setting up support and will likely have a successful bull breakout.
There seems to be much more buying pressure since August began, with many of the bars being strong bull trend bars closing at the highs. More recently on the daily, bear bars have accounted for less than 40% of the bars. The bull bars have also been generally stronger.
I would expect an AB=CD for the final leg of a three drives, as it also tops out perfectly at channel resistance.
The price is also finding support above the trendline that goes from upper left to lower right and ends at point C.
More sideways action wouldn't suprise me, especially an inside bar tomorrow. That would put it in breakout mode. This will take the price to the trendline while staying above 65.90 support.
Buy on a strong bull trend bar or a high 1 pullback entry bar. Less aggressive traders could buy above clearance of the trading range resistance (66.40). Failure unlikely given buying pressure.
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