Hey guys. Nice little trade here for you guys before Christmas Day.
I see two possible scenarios here.
1) We break-out of the parallel channel to the upside in which we will see to test previous highs.
2) We continue the formation and print lower lows (which seems much more likely)
Why?
- Volume has been decreasing for the last 11-12 days
- RSI looks to have topped out
- Previous strong resistance line / weak support line.
Therefore I am going with the red route.
Merry X-mas.
Anon.
I see two possible scenarios here.
1) We break-out of the parallel channel to the upside in which we will see to test previous highs.
2) We continue the formation and print lower lows (which seems much more likely)
Why?
- Volume has been decreasing for the last 11-12 days
- RSI looks to have topped out
- Previous strong resistance line / weak support line.
Therefore I am going with the red route.
Merry X-mas.
Anon.
