VMM - Charts, page-251

now to follow up on this chart:




the sp re-entered the channel (between the orange and yellow lines). However, it held around the previous level horizontal resistance around the 1.27 to 1.31 zone and moved up within the channel to the area shaded in blue. This is the type of sp progress one needs to see as it is a sustainable gradient. It also means that there has to be some need on the horizon because there was no attempt to sell this down beyond the previous resistance zone.
the indicators retracted in RSI AND macd meaning that there is more room to skirt the upper band of the bollingers. We should re-test the 1.42 recent high and have a serious move supported by newsflow to 1.50 levels. After this it’s really minimal resistance until 1.80 to 2.00. I am expecting either further filling/ MRE or METS update by next week.