Weekly Review
We have been in a bearish channel for the past few months and still are at time of writing. Price action based off of the Daily chart as of last week has rallied in an attempted effort to break through the 200 WMA but fell just a few points shy of doing so. We have had a nice bit of volatility since the sideways market we were in from late November to mid January. Hopefully the recent volatility that we have will act as a catalyst for future price movements.
The Hourly chart is showing that price action is bullish on the shorter term however, it appears that it is overbought and a correction is due in the form of either a retracement or a sideways market. Nonetheless, a push higher does appear to be in the works in the following week.
