Second Try at $2.91 Cluster
Another attempt to reclaim those two key dynamic resistance indicators began on Monday, as Friday’s high of $2.93 was exceeded to reach a higher daily high of $2.95. Notably, the two moving averages have converged near $2.91, as the second reclaim attempt is made. Resistance during last week’s advance to a high of $2.99 was seen at the lower swing high of $2.99 from July. Although a reclaim of the two moving averages will show strengthening of the developing uptrend, a sustained advance above the July swing high is needed for a bullish reversal signal from structure.
