November 17th/18th Chart & Analysis

While I typically post updates late at night for the next day, figured I would send an extra one this morning though little has changed from the last one. Yesterday I had resistance in that 4702-4710 zone and that held for a high. This is actually good news for bulls - this is because if a high is broken, it becomes a breakout and at that point price needs to move steadily higher to next target at 4740. Price piercing to a new high and rejecting is a fake breakout and powerful bearish signal - by basing under the high, it gives the RSI a chance to reset which increases the odds of a *successful* breakout next time (chart and rest below)