The 1 month channel (looking from 2 hr bars) shows a declining range. However, price failed to break below 111.50, actually bouncing off 115.70 to forma moderately higher low, an initially bullish indication.
Now with price consolidating around 114, demand appears to be building towards a break up.
Now with price consolidating around 114, demand appears to be building towards a break up.
Note
Correct call- breakout occurred, for a 1% rally. Next level to watch is 115.5. I anticipate a break through this would mark a considerable move higher.Trade closed: stop reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.