Few prods below it rebounding nicely off the .764 retrace 30th Dec - 5th Jan climb has left the parallel channel intact and produced some bullish looking candles on the 4H chart. Looking for a break to upside of near-term channel for momentum to pick up: 1h RSI divergence:
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Strong looking hammer on daily. Bulls back in control?
@lx68, Thanks for the compliment. I'll give an update soon
tigerpause
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You were right - i should've looked at the position of the bottom channel line on your chart more carefully. No harm done :-) I'm long now
tigerpause
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@Chalfie24 I'm thinking that there might be more down in it yet - i'm hoping for 12.5 but ready to close my short if it doesn't look like it's going to make it that far.
FibnFork
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@tigerpause, Yeah if short term channel breaks got sup at the fib level and range low
tigerpause
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@good call re the short term bear channel - thanks for the heads up, i hadn't added that to my charts
FibnFork
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@tigerpause, Yeah, bulls need a break to the upside to gather some momentum theyve been lacking