Whilst it carries more weight on the daily, the hourly has been a big driver for the SP of late and I think is better positioned this time round for a solid run up.
Today's close which doesn't show on the hourly for some reason was very important IMO. In the last 12 candles we have gone from top to bottom, both outside and ran down the bottom bollie before bouncing back above the middle Bollinger Band.This time though there is plenty of space above the line when compared to the last run up from the 26/7.
On that run the top band was heading down sharply and needed correction and rounding before it could turn up which led to a tight top band on the way up and the ultimate rejection on 1/8 at 25c.This time round it's the bottom bollie that is tight due to the quick reversal (only 1c). The top bollie is already pointing up from previous run so needs no correction before opening up and expanding (2.5c upside)
Whilst it carries more weight on the daily, the hourly has been...
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