Mystery Chart (06-23-2020)

Steve Strazza
June 23, 2020

From the desk of Steve Strazza @Sstrazza

New Mystery Chart!

For those new to the exercise, we take a chart of interest and remove the x/y-axes and any other labels that would help identify it. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. Maybe it’s a custom index or inverted, who knows!

We do all this to put aside the biases we have associated with this specific security/the market and come to a conclusion based solely on price.

You can guess what it is if you must, but the real value comes from sharing what you would do right now. Buy, Sell, or Do Nothing?

I probably shouln't tell you, but I'm really trying to hit on investor biases with this week's chart. Price just broke out of a nice base to fresh highs.

Click on chart to enlarge view.

But, has it moved too far too fast? Are we buying these new highs or fading them?

Do the former highs represent enough price memory to make this level worth trading against?

Did momentum and/or volume confirm the move?

You'll have to check back on Thursday to find out. For now, we want to know what you'd be doing with this chart.

Tweet me your thoughts @Sstrazza or email me at Strazza@Allstarcharts.com.

In the meantime, check out this FREE preview of our new Charting School course to learn more about some of the Technical Analysis concepts we discuss in our posts.

Allstarcharts Team

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