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JC Parets

Mystery Chart (02-04-2020)

February 4, 2020

From the desk of Tom Bruni @BruniCharting

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?

Here's this week's chart.

What I see is a bearish to bullish reversal that's in progress. Prices have shifted to a sideways trend and are now trying to figure out their next directional move. Given momentum is in a bullish range and prices keep bumping up against former support, my inclination is to look for a resolution higher.

Click on chart to enlarge view.

A break above former support would get me long, but what do you think?

Tweet me @BruniCharting or email [email protected] and check back on Thursday to find out why this chart is relevant.

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