After a fierce, pretty much one-day-correction to the 38.2 Fib, we are witnessing a very bullish bullish engulfing candle. That's a promising set-up. The 50 EMA is turning up and many technical analysts will be forced to turn bullish once we break former resistance at the $ 42 area. If we break it, the sky is the limit. At least an advance to $ 50 is then the path of least resistance.
Buying the bottom is usually a pretty lonely endeavour. The pundits will only call the bottom when we are way past $ 50.
Buying the bottom is usually a pretty lonely endeavour. The pundits will only call the bottom when we are way past $ 50.
