Looking for support on the longer term lower trend line above 61.31
Id look at the trend line above it for a new resistance area until a possible squeeze above 71.33
A tight stop would be 59.11
and lower stops would be 55.12 or 50.85 depending on your time frame.
Watch for volume to pick up with a RSI on the up. I dont expect this to be a quick play and i would definetely scale in because we could see more downside.
The antagonist i would expect to perhaps trigger a continuation of that original trend would be heavy volume at the squeeze.
Id look at the trend line above it for a new resistance area until a possible squeeze above 71.33
A tight stop would be 59.11
and lower stops would be 55.12 or 50.85 depending on your time frame.
Watch for volume to pick up with a RSI on the up. I dont expect this to be a quick play and i would definetely scale in because we could see more downside.
The antagonist i would expect to perhaps trigger a continuation of that original trend would be heavy volume at the squeeze.