Trend channel support at 60.50, resistance at 65?
The current trend channel seems to intersect the bottom of a larger trend channel at 60.50, perhaps forming a support. The bottom of a previous trend channel (The dark green line) might create resistance for an upwards movement, breaking the positive trend.
Update. I was suprised to see the bullish wave start so early and took some unneceary losses expecting a downwards recoil. We now seem to have reached the resistance at 65. Despite my previous assuptions, wether the resistance will hold or not i dare not say.
Update. If 65 breaks a big drop could be coming in accordance with chart above. Se my comment below to see what resistanceline i mean by saying "if 65 breaks". Also, despite the title of this idea, naturally the support isnt at 60.50 anymore as it follows the pink line.
Update: Yesterdays breach of the trendchannel seems to have broken my idea since i expected a fast and big drop so this will probably be the last update on this. Were now in the middle of a bullish trendchannel. Where we will go from here i cannot say. Im still biased and invested towards bearish on short term so i will wait to see what happens. But things are undeniably looking bullish on a larger timeframe so i dare not recommend any particular action. I will write a message here when ive sold my bearish investment though. Best of luck.
Update. I was suprised to see the bullish wave start so early and took some unneceary losses expecting a downwards recoil. We now seem to have reached the resistance at 65. Despite my previous assuptions, wether the resistance will hold or not i dare not say.
Update. If 65 breaks a big drop could be coming in accordance with chart above. Se my comment below to see what resistanceline i mean by saying "if 65 breaks". Also, despite the title of this idea, naturally the support isnt at 60.50 anymore as it follows the pink line.
Update: Yesterdays breach of the trendchannel seems to have broken my idea since i expected a fast and big drop so this will probably be the last update on this. Were now in the middle of a bullish trendchannel. Where we will go from here i cannot say. Im still biased and invested towards bearish on short term so i will wait to see what happens. But things are undeniably looking bullish on a larger timeframe so i dare not recommend any particular action. I will write a message here when ive sold my bearish investment though. Best of luck.