Potential long opportunity

٢٠ أبريل ٢٠٢٠

In the weekly chart we can see that the highs in the chart is testing previous resistance points as indicated by the green arrows. However with only one retest as indicated by the little yellow arrow on the right and then it was rejected I would recommend further retests before we can confirm a breakthrough. The volume is also declining and we have potential for it to fall back to $53 which was also the resistance for 2010-2012. The RSI seems likely it would pivot but once again would need a confirmation as one breakthrough seems unlikely to last. We are also not seeing a recovery in MACD so I would recommend a wait and see mentality till there is confirmation the resistance will be breached. For entry point I recommend waiting till another retest fails and drops back down again.

*This is in no way trading advice, simply an opinion