Price was still unable to recover that trendline (neckline) which it broke down from last week, but perhaps next week we'll see some resolution to that. Price managed to close above the daily 20-period Moving Average on Friday's close.
The weekly time frame finished with a strong inside bar, constructively consolidating under the September 2011 breakdown point and regaining that $3.76 mark which has shown to be a prior resistance/support level.
Looking a bit closer we can see that the recent selling almost made it to the 50% retracement of our previous breakout momentum, an encouraging sign for bullish potential.
Looking for at least a test of the $3.99's over the next week or so.
1 comment:
Nice post.
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