Very strong trend. Looks like it could continue for ever. But unfortunately the market doesn’t operate like that. What bothers me here is the failure to break that resistance. Previously we have seen resistance points tested and subsequently broken mostly on higher lows. Here we have the test followed by lower lows & lower highs. What’s interesting is that on the main and minor Fib studies in both cases the 23.60% was adhered to perfectly. As you can see this chart conforms very well to the Fibs.
Depending on what my entry price was if I was holding. My strategy would be to watch for that resistance breaking to confirm the next move. Or I’d be looking for the major Fib at 3.56 to break for me to exit. If I took a position higher up the trend my exit would be higher to lock in profit. The minor Fib study at 3.77 would be it.
Due to the length and power of this move I’d like to take more profit if I could. I also wouldn’t want to be caught on the wrong side of this movement either. I think this will see another attempt on that resistance a failure to break it this time and I can see this dropping lower. Imo. As always DYOR as I’m not a licensed broker and my opinions concerning this chart are just that. Purely my opinions.
RRL Price at posting:
$3.94 Sentiment: None Disclosure: Not Held
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