Thursday, April 14, 2016

Before the Bell: Uncle Buck (UUP) Set To Break Out?

I posted this chart earlier in the week as UUP was making a bullish declining wedge. I extended the lines as much as possible out of fear that this whole process might be unnecessarily prolonged after all the press that oil and gold recoveries have received. It may still come to pass that UUP will breakout around $24.10, but yesterday there was a surprise jump in the U.S. dollar with UUP hitting the upper resistance line of the wedge. The breakout may be this morning or it might fall back some before ascending. A good long/buy signal has emerged on the RSI(5) with the full stochastic indicators crossing over along with the MACD and TRIX signal lines.