Trend:
Price action has broken out of the channel created which indicates possible continuation of the current uptrend.
Indicators:
The STC indicator is green and heading toward overbought territory. The STC line can remain in overbought territory when bull markets occur.
The Zigzag indicator doesn't recognize the recent high as the peak of the zigzag, so there is a possibility for more upside.
The SSL hybrid indicator shows a shift from a solid set of red candles into a set of blue candles which reflects the short term trend.
Thoughts:
The chart showed a classic technical analysis pattern of resistance becoming support. The price action was moving in the channel shown on the chart, and the line that marks the top of the channel was the resistance line. The price broke through today and is holding above that line.
Price action has broken out of the channel created which indicates possible continuation of the current uptrend.
Indicators:
The STC indicator is green and heading toward overbought territory. The STC line can remain in overbought territory when bull markets occur.
The Zigzag indicator doesn't recognize the recent high as the peak of the zigzag, so there is a possibility for more upside.
The SSL hybrid indicator shows a shift from a solid set of red candles into a set of blue candles which reflects the short term trend.
Thoughts:
The chart showed a classic technical analysis pattern of resistance becoming support. The price action was moving in the channel shown on the chart, and the line that marks the top of the channel was the resistance line. The price broke through today and is holding above that line.