This is also a pre-emptive trade anticipating a breakout to the upside.
1. The resistance level is no longer being cleanly respected.
2. After price traded back below the resistance level, the selling strength exhausted rather quickly. It failed to push to a new lower low or even close the the previous lows.
1. The resistance level is no longer being cleanly respected.
2. After price traded back below the resistance level, the selling strength exhausted rather quickly. It failed to push to a new lower low or even close the the previous lows.
We're going to need to be a bit cautious. The daily level isn't a clean hold. It's also showing a pull back move at the momentum.