Looking at the Daily chart we can see that the 200 EMA was rejected 4 times. Furthermore, it is confluent with an important resistance area around 51.50. There was a recent rejection on November 12 as well on the 26.
one thing to notice was how large the volume was on November 26th ending with an important bull victory.
The RSI has a bullish divergence if you look closely. Not sure how high it will be but it looks like a large bull flag from the weekly chart and will likely another critical point of 57.00. If bulls win that battle then potentially another large breakout will ensue. If not it may be a reversal.
one thing to notice was how large the volume was on November 26th ending with an important bull victory.
The RSI has a bullish divergence if you look closely. Not sure how high it will be but it looks like a large bull flag from the weekly chart and will likely another critical point of 57.00. If bulls win that battle then potentially another large breakout will ensue. If not it may be a reversal.
Comment:
exit at 56.8 due to bearish divergence
