Bulls recently broke through a strong level of resistance (Presented by trend line). Previous resistance trend line is likely to become new level of resistance. Price is now forming a decending wedge, shown by price making lower highs at a rate faster than lower lows. This is indicative of a breakout, at least the same size as the initial breakout observed. Confirmation may occur at an aea of confleunce where price narrows in the wedge, bounces off the base of the wedge and hits the (1hr) 50 EMA.
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