In the BIG PICTURE BLD has established an UP TRENDING channel with it’s boundaries marked with BLUE SUPPORT & RESISTANCE LINES. It has formed a falling wedge within this channel, which is considered to be a CORRECTIVE PATTERN ( Pullback ).Prior two corrective periods had resulted in a retracement ( pullback/correction) of 50-62% Fib..
So far with the current correction we have gone just over 38% fib. which may suggest a little more to go. But if I see a violation of the RESISTANCE LINE ( dashed pink marked with an arrow @ the top) of the WEDGE PATTERN that may suggest an HALT to the correction. The resistance line of the WEDGE also runs in line with our 50 period weekly SMA which suggests an important test at that level may be on the horizon. At the bottom window RSI has already signalled a halt to this correction. But, PRICE ACTION as always FIRST and FOREMOST, which is yet to give that confirmation. This concludes the WEEKLY time frame.
Looking at the DAILY TIME FRAME below for further clues. The GAP UP of today is a short term BULLISH DEVELOPMENT. Volume was not supportive of it must be also be noted. Watch the DASHED GREEN RESISTANCE LINE ($6.20 or above)which would signal a HALT to the correction if a close above is achieved. Support level at the bottom is another level to watch ($5.77).
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Also excuse me for the spelling errors etc.