Barrick Gold has room to cross its resistance at $22.90 and continue its down trend to $21.95. OBV continues to go down as well, indicating no reversal at this stage. An uptrend is confirmed as soon as the Renko block crosses SMA10 and OBV indicates an uptrend. Looking forward to your comments.
About Renko Charts
A Renko chart is a type of chart, developed by the Japanese, that is built using price movement rather than both price and standardized time intervals like most charts are. It is thought to be named after the Japanese word for bricks, "renga," since the chart looks like a series of bricks. A new brick is created when the price moves a specified price amount, and each block is positioned at a 45-degree angle (up or down) to the prior brick. An up brick is green, while a down brick is red.
About Renko Charts
A Renko chart is a type of chart, developed by the Japanese, that is built using price movement rather than both price and standardized time intervals like most charts are. It is thought to be named after the Japanese word for bricks, "renga," since the chart looks like a series of bricks. A new brick is created when the price moves a specified price amount, and each block is positioned at a 45-degree angle (up or down) to the prior brick. An up brick is green, while a down brick is red.