The chart pattern suggests that prices could start to emerge from a five-month-long base formation. Prices have just moved above the still-declining 100-day moving average at 75.5 cents. Quarterly momentum is challenging its own resistance at its equilibrium line.
A temporary pause is underway, as indicators ready themselves to support a breakout. Support is at 76 cents, and the breakout level is at 80 cents. A successful breakout indicates a target of 97 cents. A break below 76 cents would invalidate the upside target.
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