Bullish argument for LU:
1. higher lows (over the past 3 mths) with every dip leading to the formation of an Ascending Triangle.
2. now above 200 days moving average
Waiting to see if a close above 6.43 neckline would materialise in the coming weeks, preferably on good volume.
p/s the odds of breaking towards the horizontal side is higher for right angle triangles.
ie upside for an ascending triangle and to the downside for a descending triangle.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
1. higher lows (over the past 3 mths) with every dip leading to the formation of an Ascending Triangle.
2. now above 200 days moving average
Waiting to see if a close above 6.43 neckline would materialise in the coming weeks, preferably on good volume.
p/s the odds of breaking towards the horizontal side is higher for right angle triangles.
ie upside for an ascending triangle and to the downside for a descending triangle.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!