Trend line A was busted to the upside and price reached the previous high to find a wall of sellers.
There was some buying interest added to the market on the break, but not a ton of momentum so the previous high was tested and profit-taking set in.
Price is on a typical throwback to trend line A, which now should act as support (or an area of buying interest). Original buyers and people that did not buy the first break will likely get in on a test of trend line support.
May need to re-evaluate indicators once price drops to trend line support, but a buy between $90 and $100 looks good for a long-term hold.
For trading purposes, we recommend a wait for a drop to support or a break of the higher longer-term trend line
Any questions let me know.
There was some buying interest added to the market on the break, but not a ton of momentum so the previous high was tested and profit-taking set in.
Price is on a typical throwback to trend line A, which now should act as support (or an area of buying interest). Original buyers and people that did not buy the first break will likely get in on a test of trend line support.
May need to re-evaluate indicators once price drops to trend line support, but a buy between $90 and $100 looks good for a long-term hold.
For trading purposes, we recommend a wait for a drop to support or a break of the higher longer-term trend line
Any questions let me know.