Weekly chart displays a compelling case for further Bullish continuation, next middle-term target is 170:
- April was typical resistance = support price action, re-testing 22's High, 23's & 24's Low
- False Breakout below the symmetrical Triangle projects a measured move breaking out on the upside
- July' 24 (`170) was a Bear surprise, lots of scaling-in Bulls take profit and liquidate their longs. I'd expect sideways consolidation for many weekly bars
- If Bulls manage to break that ceiling, long-term 270 is feasible
- April was typical resistance = support price action, re-testing 22's High, 23's & 24's Low
- False Breakout below the symmetrical Triangle projects a measured move breaking out on the upside
- July' 24 (`170) was a Bear surprise, lots of scaling-in Bulls take profit and liquidate their longs. I'd expect sideways consolidation for many weekly bars
- If Bulls manage to break that ceiling, long-term 270 is feasible
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.