(Click On Chart To Enlarge)
From June 30:
"Former 20.52-20.53 support "should be" resistance on a retest. It was. That's a failed retest, and short-term, 20.52-20.53 now is validated resistance."
Basis the 10-Minute chart, the UYG broke out of a channel near 19.22 in late afternoon trading which put an upside target of 20.44 IN PLAY, just below 20.52-20.53 resistance. The target got MADE very quickly after the breakout. Nice rally with the close at the high of the day. The UYG now has got a very decent chance at least to fill the 22.54-22.97 gap from June 26 in the daily chart.
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