We are right on schedule. Gap of death below being defended by bulls. Resistance above making their mouths water.
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We can expect pullback here or at about 7.00 with ~5.50 being primary support. Expecting a breakout from the triangle after ranging for a few months.
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Red lines in this chart are what im expecting for pullbacks
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You could TP on these price points but I'm planning this as a longer hold to play the triangle break out. I may take some profits around the 7$ range.
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So I'm expecting us to range here between ~5 and 7 until an upside breakout of the triangle is too appealing to the bulls. Trading the breakout, so this means I will accumulate as we range.
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We are in important location here. Needs to stay on the trendline and close today around 4.9
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After weekly close we are right at the bottom trend line. We could test 4.79 or even 3.5, but I think its more likely we test 5 or even consolidate above 5 as we continue to range.
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4.79 being tested now
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Defended. Now watching 5.50. If we break above it, expect more impulse up. If we reject from that level, time to continue ranging.
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Also, earning reports coming in 2 week.
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Moment of truth for the bulls. Will 4.78 hold and bring us back to moving average of 4.9, or will we reject from here and go down to our lows at 3.5
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Look at us riding along the trendline nicely. Springtime break-out is what I'm expecting for this trade.
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I expect a pullback at 6.33, around there ill sell 20% of my position and load back up on the dip. Cheers
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We are continuing to range right along the trend line. The longer this gradual upward pressure happens, the more likely we see a break out in the Spring or Summer.
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Caronavirus playing with this trade. Setting my stop at 3.30, expecting a big bounce at 3.50
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Stock market looks too corrective. Trade closed and re allocated to gold.