Pressing Top of Channel ...Again
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BLUF: If we are going to go up the move by the bears must be extremely powerful! Do we they still have enough in them?
Once again we find ourselves pressing the underside of the top of our longtime channel (since July). This is now the 5th time we've hit this top. I expect us to break out and to the upside sometime within the next few days to weeks, but if we are going to do so soon, then we will find some major resistance ahead. Not only must we break through the top of our channel but we are also facing the 200MA. Just above that? A few more levels of resistance from way back at $9300 and $9800.
On the RSI chart, you can see that the bulls have already broken out of our down channel. This is a great sign! However, once again we are finding resistance at the 70.0 mark.
I remain neutral for now. The next few days will tell.
Once again we find ourselves pressing the underside of the top of our longtime channel (since July). This is now the 5th time we've hit this top. I expect us to break out and to the upside sometime within the next few days to weeks, but if we are going to do so soon, then we will find some major resistance ahead. Not only must we break through the top of our channel but we are also facing the 200MA. Just above that? A few more levels of resistance from way back at $9300 and $9800.
On the RSI chart, you can see that the bulls have already broken out of our down channel. This is a great sign! However, once again we are finding resistance at the 70.0 mark.
I remain neutral for now. The next few days will tell.
Nota
Attempted break out today. Hit our heads on the 200 day. Back down into the channel again.Nota
Bulls need a longer rest...Nota
Sentiment remains neutral. However, if I had to predict, I would say we will drop gradually to one of the pink support lines below. Here the bulls should gather strength and hopefully, with any luck, enough strength to explode through all of our overhead resistance.I will open a new post when I feel this move is about to happen.
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