next breakout

Good close above the 3dayEMA today following the recent consolidation. Volume rising again. Break above short term downsloping resistance line. 2xATR with first uptick in two weeks. All good signs of rebuilding momentum and the potential to close strongly above the resistance around 0.30 and signal a new strong upmove imo.

Oil price rising and another Ash Creek update due is adding to the urgency of buyers below... a few bigger bids starting to chase.

Updates below
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The news that Ash Creek is online caused quite a few buyers to show their hands this afternoon and increases the likelihood of the next momentum candle appearing soon imo.

Price continues to consolidate under resistance at 0.29 on low volume. 15dayEMA is now above 0.25. High probability of ascending triangle or pennant under development. Looking for a strong close above 0.30 on high volume to signal the next leg up and mark the trend line on the chart.

The consolidation under 0.29 should ensure it becomes the next good support level when surpassed.

Any thoughts?

Updates previous below
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Still looking to define the new uptrend on the chart. We know prices cannot go straight up. Stalled at 0.30 as the buyers paused and the 0.30's lit up green like a christmas tree.

Price is still above the 8day EMA reflecting the speed of the rise. Even in a strong uptrend i'd like to enter around the 10 day EMA which is around 0.24.

Measures of volatility - 2xATR sits at 0.25, countback line at 0.24. Price remains above both and we'd like it to stay so.

Short term resistance point previously at the 0.25 level would be expected to now offer some support and a good entry point. New resistance appeared at 0.30 and will be the next test to overcome.

Difficult to place a trend line yet as prices accelerated so quickly, almost parabolic.

Would be looking for the bigger money to buy on the retracements.