I love it when a stock follows the path that was determined by candlesticks. In my weekly update I mentioned that “There is a high chance of a continued slow advance. The first positive sign would be a closure above the daily 20 EMA line.”
Today’s green candle was the 5th in a row to close above the daily 8 EMA, and it closed just a few pips below 20 EMA line. I consider these events very encouraging for the bulls.
I am viewing that the slow rally continues. The next three major targets would be:
– close above the daily 20 EMA line;
– form a daily 8/20 bullish cross;
– close the weekly print above 1757.40; this would confirm the mid/long-term trend reversal.
If tomorrow closes above daily 20 EMA, I will try to publish a mid-term channel with the price targets.