Supply is really holding RGL back from penetrating that 70/71...

Supply is really holding RGL back from penetrating that 70/71 level and I can see your 50 and 200 ema's starting to converge @Anacott Steel which does indicate some weakness on the hourly chart. That's the compression you mean ?

It's not a means of avoiding but I've plotted a daily chart which shows that so far this pullback hasn't caused too much damage and obviously an hourly chart will signal things a bit sooner than a daily.. so there is a bit of a pullback occurring.

I have RGL trading within that channel between 51 and 70 so it's still there although nobody likes a dip in the sp. We can plot a few support lines within that channel but probably hard to pick one that's more important than the other. .

Now that I've plotted the 50 ema we can see how RGL is respecting it fairly well and will dip and rise around it. I'm always a bit bearish in my approach but so far I'm not overly concerned and subject to confirmation that's not a bad bar today - it's indicating that demand did hold and rejected some supply. (Different story if that bar appeared at the top of a trend though).

Can only watch and wait for the market to decide.