Mystery Chart (11-24-2020)

Steve Strazza
November 24, 2020

From the desk of Steve Strazza @Sstrazza

New Mystery Chart!

For those new to this 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?

Here’s this week’s chart. Since breaking out of a bullish basing pattern recently price is making an explosive move higher.

Click on chart to enlarge view.

Momentum is in a bullish regime and RSI just printed its highest reading in history, confirming the new all-time highs.

With that said, price is extended in the short-term and due for some digestion of its recent gains.

A correction through time or price is not just likely, but it would be healthy considering the strength of this rally.

Looking out past the next few weeks, would you want to be buying, selling, or doing nothing with this chart?

Let us know what you think!

Tweet me your thoughts @Sstrazza or email strazza@allstarcharts.com and check back at the end of the week to find out why this chart is relevant.

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Allstarcharts Team

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