Notable VWAPs are anchored to the 2021 highs, the November 2022 low, and the inverted hammer from 1/9/23. The latter has marked local lows of every downtrend this year while the VWAP anchored to the April 2021 high has been strong resistance.
Price is currently at an overhead descending trendline that traces back to the range of highs in November 2021. It took 3 months to break out of the previous descending trendline from this area, so todays test of the next overhead resistance is likely to be an ongoing effort. This will also be a great area to anchor the next VWAP.
Note that the original fib time zone and the new fib time zone each have a vertical coming at the end of November/beginning of December. This also aligns to convergence of multiple trendlines.
My game plan:
- I took profit at 29.7
- Next TP levels are 31.3 and 33.2
- Accumulation targets are 28.3, 27.9, 26.9, and 25.7