The previous period of triangular consolidation resolved in a break to the upside, with price then confirming past levels of resistance as support as a second triangle formation has taken shape. This current period of consolidation has the 1D 12MA rising above the 20MA, making one wonder what a bullish break of this new triangle might bring.
While the potentials for a double-bottom remain, I suggest that what we are seeing are the green shoots of hope that the bear market is behind us. Some further consolidation within this upward trend will lead to a bullish break, imo, as sentiments of greed begin to replace those of fear.
Note also the supportive role confirmed of the 20MA, after so long operating as resistance.
What do you think? Is this just another fake-out for a shake-out, or is hope being re-created anew?
While the potentials for a double-bottom remain, I suggest that what we are seeing are the green shoots of hope that the bear market is behind us. Some further consolidation within this upward trend will lead to a bullish break, imo, as sentiments of greed begin to replace those of fear.
Note also the supportive role confirmed of the 20MA, after so long operating as resistance.
What do you think? Is this just another fake-out for a shake-out, or is hope being re-created anew?
