Breakout Resistance in Play

This is an interesting market. Whilst there are plenty of bulls getting around, the uptrend that was in place earlier in the year has well and truly stalled.

Price has now moved higher on the daily chart into an important level.

As the daily chart shows; this level was the previous support level that held price higher before price broke out lower.

Price is now Breakout this level as a new price flip resistance.

If this level cannot holds we could look for an extended leg lower and new potential short trades.