$BTU
$BTU started breaking out of its falling wedge yesterday, signaling a potential shift in momentum after a period of lower highs and compression within the downtrend structure.
Today we’re seeing continuation with a small-range spinning top candle, which reflects some short-term indecision as bull's aren't showing strong momentum after the initial breakout attempt.
Psychologically, the breakout tells us buyers are beginning to step in and challenge bearish momentum, but the spinning top shows bulls still need stronger conviction and follow-through to prove the breakout is sustainable.
From here, bulls want to see additional upside momentum, increasing volume, and ideally prior wedge resistance begin acting as new support on any retest.
If that happens, it would strengthen the case that the falling wedge breakout is transitioning into an uptrend reversal rather than just a temporary bounce.
𝐉𝐨𝐢𝐧 𝐆𝐨𝐥𝐝𝐞𝐧👁️ 𝐚𝐧𝐝 𝐠𝐞𝐭 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨:
• All my setup in a centralized chat room grouped by commodity
• Japanese candlestick pattern strategies
• Watch daily video reviews with tradable setups on
#GOLD,
#SILVER,
#NATGAS,
#URANIUM,
$WTI,
#COPPER,
#BITCOIN, and more commodities
• Access educational content to help you build your trading plan
• Access to our private trading chat room
• Get unlimited on-demand chart reviews for your own setups
• Receive real-time alerts on my personal trades
Join us at
goldeneyeanalysis.com
Chat Room Free Trial on Discord:
discord.com/invite/e4PEY2UcE…
$ARCH $AMR $HCC $CEIX $METC $ARLP $NRP $WHITF $TECK $RIO $BHP $GLNCY