Mystery Chart (04-14-2020)
Here’s this week’s chart.
Click on the chart to enlarge view.
Unlike the Mystery Charts from recent weeks which have been mostly structural downtrends, today we're finally looking at a long-term uptrend.
Higher highs and higher lows... At least until recently, as this uptrend is currently at an important inflection point.
Price peaked not long ago and saw an accelerated move to the downside before finding support at key former resistance. This came just after it violated its rising trendline which was successfully defended several times and now looks likely to be retested from below.
A bullish momentum divergence also formed at the recent lows which helped fuel the rally off this well-tested level and was just confirmed by price.
In our view this chart is in a bit of "no man's land" with price currently smack in the middle of its recent high and low, giving us no concrete level to define our risk against.
We'll give you a hint today... The chart is NOT inverted and IS in the equity space.
Let us know what you'd be doing here and whether or not this impacts your decision!
Tweet me @Sstrazza or email me at strazza@allstarcharts.com and check back on Thursday to find out why this chart is relevant.
If you enjoyed this post and want more content like this, consider joining our community by starting a 30-day risk-free trial or signing up for our “Free Chart of the Week”.
Allstarcharts Team.