FIL is currently testing a major resistance zone around $1.04–$1.08 on the 8H chart. What I’m watching:
• FIL has been respecting an ascending support structure • Multiple reactions from the rising trendline show buyers are still defending it • Price is now back at the same resistance area • A clean breakout followed by a strong hold could open the way toward the $1.50 area
But there’s one important condition:
I want to see FIL break the resistance and hold above it, not just wick through it. If that happens, the structure becomes much more interesting.
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