After an initial breakout from a falling trend (further falling resistance on weekly view) we have seen consolidation and retrace but trading above the 200MA.
This support now looks solid and an upward channel building. The latest retrace to test the new support looks complete & we have a good entry point for the next upward swing which should be towards the 0.5p area. Holding longer I'd look for a target around 0.62p completing the bowl shape on the chart & we can then look at higher levels from there.
This support now looks solid and an upward channel building. The latest retrace to test the new support looks complete & we have a good entry point for the next upward swing which should be towards the 0.5p area. Holding longer I'd look for a target around 0.62p completing the bowl shape on the chart & we can then look at higher levels from there.
