On the chart we can see the falling wedge pattern.
The price broke out of the wedge and it's reasonable to expect the continuation to the upside.
The price still may come back down to retest the downsloping resistance and backtest it in order to confirm it as a support which would be a perfect entry.
However, entering long now on the pullback is also justified as the backtest may occur but it's not certain.
The final target from the falling wedge is 65,50.
The breakout was very explosive so we rule out the fakeout scenario.
Good luck
The price broke out of the wedge and it's reasonable to expect the continuation to the upside.
The price still may come back down to retest the downsloping resistance and backtest it in order to confirm it as a support which would be a perfect entry.
However, entering long now on the pullback is also justified as the backtest may occur but it's not certain.
The final target from the falling wedge is 65,50.
The breakout was very explosive so we rule out the fakeout scenario.
Good luck
Kommentar:
good progress so far
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