New swing trading channel established for GBPTHB
Looking at the weekly chart, over the past few weeks we have seen a steady decline, we've now found ourselves at the bottom of our RSI with a score of 30.54.
Last time we have our RSI bottom out (as highlighted above) was all the way back in October 2016, we saw a sharp Bull move which kept us trading in this channel between 42.02 - 44.94 for practically 2 years. In May we failed to break the now resistance level of 42.02 and have found ourselves dumping since.
As we all know, usually, history repeats itself. I anticipate us trading in this new channel for awhile to come.
Roughly 8% from support to resistance, a good channel to keep tabs on everyone.
Happy trading everyone! DOLLARCLUB
Last time we have our RSI bottom out (as highlighted above) was all the way back in October 2016, we saw a sharp Bull move which kept us trading in this channel between 42.02 - 44.94 for practically 2 years. In May we failed to break the now resistance level of 42.02 and have found ourselves dumping since.
As we all know, usually, history repeats itself. I anticipate us trading in this new channel for awhile to come.
Roughly 8% from support to resistance, a good channel to keep tabs on everyone.
Happy trading everyone! DOLLARCLUB