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?
To me, this looks like a massive base breakout being confirmed by momentum and something we need to be buying on any weakness.
From a risk management perspective, as long as prices are above this downtrend line then the bias is higher towards its former highs.
Click on chart to enlarge view.
This is not the type of chart I’d want to be short, that’s for sure.
What do you think?
Tweet me @BruniCharting or email firstname.lastname@example.org and check back in Thursday to find out why this chart is relevant.