Multi-Year Resistance Coming Into Play
We were In last week's trade looking for price to finally breakout higher in this market.
Whilst price did make the breakout through the resistance level, there was not the explosion that some may have expected.
After the breakout price made a quick rotation back lower where the breakout resistance held as a new support level.(see the 1 hour chart)
If this level now holds we could see price make a move higher into a resistance not tested since 2012 before a potential move much higher.
Whilst price did make the breakout through the resistance level, there was not the explosion that some may have expected.
After the breakout price made a quick rotation back lower where the breakout resistance held as a new support level.(see the 1 hour chart)
If this level now holds we could see price make a move higher into a resistance not tested since 2012 before a potential move much higher.
The multi-year resistance level we have been discussing in this market in recent times has now been broken with price making a solid move higher.
There looks to be a large amount of space for price to move higher into, so the resistance level price has just broken out of looks to be crucial.
If this old resistance can hold as a new support price flip level it could be the key for price making a new leg higher. It could also be a solid level to watch for bullish price action clues