MTL is still going strong but will it go above WEEKLY Resistance
In daily timeframe, MTL has been making a healthy pumps with a proper retrace. Today's daily candle lowest is exactly at the golden pocket of weekly Fibonacci Retracement. This indeed is a good sign.
However, the resistance above is going to be stronger than other resistance. It is the weekly resistance level. Even tho there is still a bullish case in lower timeframe data, I would like to assume that we will see another healthy retrace to the $2.5~$2.6 area before breaking above the weekly resistance. That level need to maintain properly. Otherwise, it will be considered as a reversal in daily timeframe.
However, the resistance above is going to be stronger than other resistance. It is the weekly resistance level. Even tho there is still a bullish case in lower timeframe data, I would like to assume that we will see another healthy retrace to the $2.5~$2.6 area before breaking above the weekly resistance. That level need to maintain properly. Otherwise, it will be considered as a reversal in daily timeframe.
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