My take:
Multiple bullish divergences (not shown) prior to the run that commenced late October.
For traders the out was Dec 1:
Falling MACD histogram following bearish divergence along with the blue candle crossing inside the outer channel (dashed black line).
For me, if I were trading this-which I'm not, my interest would then pique when candles turned blue (permitting buying) along with a rising, but still red, MACD histogram. Note also the bullish divergence of FI not marked.
The player were entering on low spread and high volume from just prior to Xmas through to Monday. Seen this before a few times at year end.
By not closing the gap they ensure they get in, create doubt and the gap remains for possible future use.
Also, despite it being holiday season the 10 day volume MA remains relatively constant and at a level with the November run. Interest.
This has and is being primed. Or appears to be.
The gap yesterday on volume was the signal to get in. Today, closing at it's high is a hold (or buy, but would be too late for me).
NB larger spread today on lower volume, not the most bullish signal. Two new gaps to play with your head.
So the question is whether FLC is being kicked around within the range or is starting to move?
Dunno. But I do know the volume of the last 2+ months is not coincidence. That is by far the most important item on the chart.
To me this is accumulation. Problem is twofold.
Firstly, we've been here before and secondly, accumulation has no fixed end date to numpties like us.
I ain't selling.
Make of that what you will. Looks good but don't hold your breath.
Ignore the upper gap-it's gone just hadn't deleted it
