MEOH Train is Leaving the StationWeekly Chart:
Very recognizable Major Trendline drawn frpm point 1 to point 2. and broke down on COVID19 declines:
Besides the Major Up Trend, note that the price broke up the Down Trendline (the White one) of the Down Secondary Trend:
Daily Chart:
The Orange Trendline - Major UP Trendline
The White Trendline - Secondary DOWN Trendline
The Yellow Trendline - Minor UP Trendline
We Have Very Buliish phenomenon here:
1. Note The Strong Accumilation which strated after COVID19 Bottom on March, Followed by HUGE Volume :
2. The Recent Minor Moves emphasizing the Strong Bullish hands behind the move:
-The return of the price above the Major UP Trendline, and New Solid Higher Bottom established on that line.
-Strong Breakout of the Secondary Down Trendline - Which Calling for the end of that trend, and continuation of the Major Up Trend.
-Successive Higher Bottoms and Higher Highs.
3. Moving Average Long Signal:
-The MA50 Crossed MA200 and signaling change of the trend to the upper side.
The Next test for the trend is waiting on 30.34 Resistance level.
But as i see it, the Trustful power of the buyers prove itself to take the price much further ahead.
A Very Solid Take Profit point will be 41 - note the change of rules from support to resistance.
In any case of Scenario change, 30.34 should be an exit point.
Good Luck!
