The daily chart shows a nice bullish trend on the daily chart. A minor retracement has occurred at the cycle highs, although Thursday's bullish hammer found support at the 100-day EMA, 38.2% Fibonacci level and prior swing high.
RSI (2) is confirming the trend and RSI (14) is above 50 to show bullish momentum of the past three weeks.
Given the bullish trend structure and shallow retracement, the bias is for a bullish breakout and for prices to head towards the 0.9 handle, near a volume cluster from an older trend.
RSI (2) is confirming the trend and RSI (14) is above 50 to show bullish momentum of the past three weeks.
Given the bullish trend structure and shallow retracement, the bias is for a bullish breakout and for prices to head towards the 0.9 handle, near a volume cluster from an older trend.
