Hot damn yo, here we go again! To quote a hip-hop song.
After pulling back and some profit taking at the 6.25 area resistance we now see the price of RUNE making a 2nd attempt at breaking through.
Looking at the daily chart we see price pushing the level again after price action briefly lost its bullish tone with a lower high being put in.
Price did look like it may test into the 4s again, and I admittedly took some off at 5.7 thinking I could buy it back a point lower.
Well, looks like that is not the case and I'll just ride what I have left.
At this point we need to see price close above 6.50 and hold above there for a a bit to confirm the breakout and focus on the next upside target around 8.25 or so.
There isn't a done of resistance or price action there, but it the next potential spot profit taking could come in. After that we have a pretty open path to 12 or so.
We shall see how extended price can get. On a daily we look good but on the weekly price is already getting rather stretched from the moving averages.
