Mystery Chart (06-30-2020)
We hope this week's Mystery Chart is more challenging than prior weeks. Why? Because it's a complete and total hot mess. Let's have a look.
Click on chart to enlarge view.
I like this chart a lot because not only is it rangebound, but it has failed in its effort to resolve both higher and lower recently.
Just when it looked like we were in the clear and had made a sustainable move above prior highs, price plunged lower and violated key lows. At that point, it certainly appeared as if the primary trend was transitioning from bullish to bearish... but before long, we whipsawed higher and trapped short-sellers, resulting in a swift squeeze higher.
Price reacted strongly off the lows, breaking back above the prior range. Although, the breakout was not sustained as prices quickly retraced back beneath their key prior highs.
So, the question that remains is simple...
Do we remain rangebound and chop between these former highs and lows?
Or do buyers have enough left in the tank to reclaim the upper bounds of the current range?
Check back at the end of the week to find out what we think and why this chart is relevant. For now, we want to know what you'd be doing here.
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