As you can see the trend is expressly bullish
, but index is touching the high side of the ascending channel
. The break of red support line will turn trend from bullish
, the same on the indicator RSI
. The natural goal is a retracement toward the low side of the channel. Andrew Pitchfork
helps us to trace the various resitance in the bull trend and support line too, that in case will be broken projects the index to the lower band of channel.