now to follow up on this chart: the sp re-entered the channel...

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insaf

10,070 Posts.

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17/04/24

20:47

Post #: 73395390
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Originally posted by insaf: ↑

Yes the Gap at 1.305 was closed. So I have included a basic chart update:

- The orange circle is the Gap which is technically covered as the high on April 11 was 1.305. Today we touched 1.305.
- Momentum indicators in RSI and Macd are still not overbought and there is room to move much further.
- The uptrend channel (yellow highlight) since the breakout (blue highlight) in which the lower band is potentially the main support of Wave 3. It doesn’t need to re-enter this channel now but it is an important line that needs to act as support and at the right gradient for a substantial move and support up.
- Ideally, we do not re- enter the yellow channel and we hover around the bollinger upper band and track the upper line of the channel. We closed on that today.
- What I hope happens tomorrow is to hold above that upper line of the yellow highlighted channel and not re-enter the channel. Re-entering is not an issue, but it just adds extra layer of resistance to work through.
- we have horizontal resistance around the 1.40 levels. The urgency of the buying or consolidation above the channel will set it up to a nice retest of 1.42

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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.

VMM Price at posting: $1.36 Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

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