Hi dacata
Thanks for your comments. I hold them with respect.
BLY
On the wide daily we see the journey for price to get back to the cloud.
A closer view of the daily shows that the forward cloud has turned bull.
Price has reached the top of the cloud, strong resistance, and red is
heading up but is not ready. Ideally price will have support off the red
and move into a break out position. This has taken a long time to get
to the cloud and a few days of strong consolidation could lead to a
strong break out.
The weekly shows the overall bear trend.
Resistance has been represented by the red line.
Price has got above that level and is ready to test the levels at the blue line.
Overall a break out on the daily would have a target of the blue line
on the weekly. Stops should be under the cloud on the daily and under
the red line on the weekly.
