 Good morning. Good afternoon. Good evening everyone and thank you for joining us to another CMC masterclass session My name is Ricardo. I'm the senior content manager at CMC and I'm joined today by Trevor O'Neill. Trevor, thank you for joining us Thank you for inviting me Trevor, I've done my best to kind of summarize your experience in one sentence, shall I say now But after that, I'd really hope I'll be briefly give us a summary of your background How you've gotten to this position Many consider you to be a technical analyst authority and fund manager and you have 14 years of stock market Experience and you're a veteran in that space. Is that is that a fair introduction and You could put it down the time I'm very old and I've been doing this all my life But but not only in equities, but also in derivatives and foreign exchange as well But yes, I've been a technical analyst since I was 18 when I was employed by Merrill Lynch And they taught me technical analysis Because my job was to be a trader on the coffee exchange and if you're a trader, obviously you have to be a chartist And so they I was mentored in charting. So it started right back then Great as only a lot of our composition today will be revolved around your experience Around we're only our current markets, but also what you can teach our audience to date from that wealth of experience since you started obviously however many years ago it is now and But to quickly summarize just about the relationship we have between CMC and RG essential research You and Julius started off with working with CMC to introduce You know a wealth of products we call it RG momentum plus Can you just talk to me a little bit about more of that and what you look at particularly in momentum and strength of that momentum? Yes Julius and I have been friends for more than 30 years. We met I was amusingly Tell people that we met at King's College Cambridge, which is literally true But we but it was a summer holidays and there was a conference there and at that conference we met neither of us went to King's College Cambridge but we did meet them and Julius was at the time a self-sale side equity broker at a big Dutch institution and I was working as a as a broker and I and My my my own career was moving more towards a fund management. He had developed the the first stages of relative rotation graphs and This was proved very popular with with the the institutional fund managers and analysts have shown them in one picture Lots of information where they could compare like with like together. I And we're going now into the late 90s became global head of technical analysis at Bloomberg and and we were able to get the RG charts relation graphs on to Bloomberg then after that on to definitive and to other platforms to where it is used a lot by Particularly portfolio managers because it's for looking at a lot of things comparing a lot of things Since then We both moved on I think went into hedge fund management and then now a manager of my own fund and And also do consultant technical analysts for a number of firms but working with CMC and CMC has the excellent products the RG momentum plus products, which is a Quantitative approach to the message of relative rotation graphs. Let me explain the concept of Relative rotation graphs. You can see here. We've got a quadrant Four quadrants and this one is labeled leading this one is labeled weakening This one lagging and this one improving now The idea of relative rotation graphs is you can put something in the middle in the crosshair of it And then compare other things to it Now it could be the s&p in the middle and then the stocks the 500 stocks of the s&p And how they compare to it from two different aspects, but it can be literally anything could be the s&p in the sectors it could be the s&p and Or it could be Stock indices like we have here. It could be currencies versus the dollar So I'm going to show various different versions of this. So we take a benchmark now in this case the bench benchmark is is cash, okay, so how are the G10 currencies performing versus cash? We could Have chosen for example a benchmark of the MSCI world index so we could look at the the performance of the behavior of these G10 indices versus the an average of the world but in but and that would could be that That we're Disappointed all across the graph with some underperforming and overperforming the world But if the world as an average is performing weekly We'll have some outperformance in on a relative Basis so relative to the world average But not on an absolute basis the stock index could be going down But going down more slowly than another index But this one I'm showing you here is showing you the performance of stock indexes versus cash So everything on the right-hand side of 100 here Is is outperforming on a relative version basis versus cash and the things furthest to the right are most outperforming and furthest to the left Which is that you see as the NASDAQ here is is is is the worst performing Then we've got another access the why y-axis which is the momentum of this outperformance So we've got two two aspects We've got not only what's strongest and what's weakest But how is it behaving in that this and this is really the advantage of relative rotation graphs so what we can and also you can see there's a tail to this and this is a a weekly sample Oh, and so this is now This is last week the week before the week before the week before the week before and you can see the hang saying Has got a very long tail. This means it's moved very rapidly and quickly Whereas it moved it's moved from the improve Improving quadrant and far over to the left by far the furthest to the left So in other words the worst performing index on a relative basis to Right up here. Now. This is one of the big advantages of relative rotation graphs is we saw this early and in our CMC reports Right at the beginning of december we we picked up that the Hang saying which had gone down all year on a relative and absolute basis had been the worst major index and it was a real dog and nobody was interested in it, but We we saw that this long-term downtrend in on a relative basis compared to other things Was breaking to the upside and this was it shooting around here and we picked up that and we recommended some individual securities using A the next step down which was to find Securities which had high momentum In the hang saying index and we used the ROG to help us select that so here Then we put the hand saying in the middle and we put the stocks around that and we picked up the ones which are Looked most appealing to us to participate in what we saw as a relative breakout from a weak position Into look where it's gone now. It's not a dog anymore at all at the moment I will show you an individual graph of the hang saying it's it's broken the long-term downtrend and it's made of awesome And it's starting to go up But we've got some here. We've got an interesting pattern looking at the other indices Um, we've got a little bit of a curving down So a little bit of a weakening, but what we've got over further is the right dachs stocks cac Okay, so european if you like european heavyweight stock indices. We've got the the footsie over here And and then the s&p over here closest closer to the the hundred percent level we've got the Russell Down here and the nasdaq right over here. So we have the nasdaq right across here so the The picture is a very split one in the united states. Um, so we've got Something as far over is here and something over here In the dow and the nasdaq Um, so quite different from each other. So we've got a split personality in the united states. We've got europe Crowding over on the right hand side. So we've got a strong message of european out performance there Which which has has existed actually? for A number of weeks now already So I hope the the concept is clear if you if If you take the hang saying for example, this this is moving In a northeasterly direction. It's moving between naught and 90 degrees on a compass here Moving easterly means that's increasing relative performance Relative strength and nor the need means with positive momentum. So this is a good thing getting better and the nickeye Here is close to the benchmark, but it's heading in a south westerly direction Westerly means underperforming southerly means with low positive momentum being close to the the benchmark in other words close to cash the benchmark is cash here is is the Means that is correlating with whatever is in the middle in this case cash So you can't get out performance of cash in the nickeye But things that are further is the way from crosshair in the middle are things which are Offering genuine alpha of out performance. So these are the things that we look for the position left right relative strength and relative weakness high and low with positive momentum and and lower positive momentum And the the direction in which they are rotating and you see there's a general clockwise Journey that think securities take so the Hank saying, you know me Move on further and one day it will come round here So these have been pushing ahead nicely and that now they're easing back very slightly but there's nothing nothing to indicate any reason to worry about the The outperformance and the more attractiveness of the european markets over the us markets at the moment Yeah, that that is interesting. I mean just looking at hard markets and you kind of identified where that positive momentum is at the moment and I know you're not a Fundamental or not fund of the fundamentals of the market. You're very much a technical analyst. You look into Your charts. You do your own analysis of it Obviously, it isn't used driven market at the moment and we saw today from the inflation numbers That certain movements have you know, have favored the equity market. We've seen the nasaq the s&p rally even further The dollar perhaps is even weakened further But from a from a technical perspective, what I'd like to know from you is are we potentially starting another significant bull versus a Bear market. Do you see anything there? Um, let me just two questions there. You know first first of all I'm very um keen to resist ever using the f word, okay so I don't talk about fundamentals at all. Um, and I don't understand them. I find them Difficult to interpret and I think even people who claim to know how to interpret clearly they find it difficult to interpret as well but um Talking about for example, we had the cpi data Today, which was much anticipated and there was you know for days The market has more or less been paralyzed and in waiting for this, you know, this message about inflation and the intentions of the fed and a lot of Sort of expectation was built into what would be the message of today And this was led very much by the rhetoric of economists and and and you know, technical analysis sort of Accepts that the market is driven by supply and demand But it is also how people react to the supply and demand And I'm afraid to say a lot of the tension in the market is built up by expectation, which is built up by people like economists and analysts and television people and people like yourself, you know building up the expectations and excitement for these levels and then very often the economists get it wrong massively wrong actually And we have a what's called a surprise But it's only surprised because it wasn't what the economists said it was it was going to be and traders had positioned themselves for that And so people are positioned for a certain outcome and then it happens or it doesn't happen this time It was pretty well in line of it and and the market's a bit relieved about that and it's steady But it essentially the response of the market is behavioural It is it's not the news itself It's the expectation and hopes for the news and the positioning of traders which cause these Violent news driven so-called news driven events very few news To market moves are actually genuine shocks in the market. It wasn't a shock that the cpi came out today We were waiting for it. We were counting down And it might have been shocking, but it it wasn't a surprise Um, you know an assassination is a surprise a Default is a surprise a profit warning is a surprise. Those are surprises genuine surprises, but Economy data is not a surprise. We just build expectations which are often wrong About it and that's what causes the surprise effect Um, so for the second part of your question, which would would you mind just saying it again? So I make sure I answer it precisely correctly. Yeah, absolutely I think the second question is on the basis of not looking at the fundamentals looking purely from a technical perspective Um, are we starting to see another significant bull versus bear market? Um, as he said, you know, there's there's a shock in the market at the moment Are they in the the right way? Are they priced in the right direction? Or what does the What is your data tell you? Yes, I think we're talking here about the us stock market as the sort of global leading stock market And we can see from this rrg graph That um it itself is split. Um, we've got over here the dow And if you and in the second we'll look at the dow chart and actually the dow chart looks great And it's looked great for a while and then we look at the nasdaq and the nasdaq doesn't look so great And it hasn't looked great for a while and that's positioned it so they so you've got a market which is kind of split Um, uh, some parts of it are looking quite good. Some parts of it are looking pretty heavy So let's indeed go and look at that now here. We've got the s and p which is most people's sort of benchmark and um, uh Of course, we talked out in in january in fact The um the high of the year was that was actually the 31st of december And of last year and then since then that was it's been the high of this year so far And we've come down we've come down in clear ways impulse reaction impulse reaction Impulse severe reaction and this reaction being quite big in percentage terms Indicates that the wolves are getting more Uh, you know confident then we went on and made a new low here in in october 2022 This is a weekly chart of it. Um, and i've put on here the the moving average convergence divergence the m a cd And what we've got here and this is often a very good indicator in Of of changes in direction in markets is a bullish divergence So this is a low and and a higher low low higher low whereas low and lower low So as we came down here, we have low low low low low low Low higher low so divergent disagree and and so this is a warning of a potential Bottom in the market is it's an increasing reluctance to sell it is is what that message is You can see we saw it at the top didn't we here? We were going up high higher high higher higher all the way up in here here Just about a higher high, but then in this phase here. I know it was an extended period It was lastly one quarter But we had loss of momentum on the upside into the end of the year and then a clear divergence Into the top in here. So we could draw that line. I'll draw it in now Um, so we had a divergence in here There so and I think that we've got a divergence in here now low low low low higher low Now the question is is the s&p the right thing to buy maybe the uh, the right thing might to be the To to go into the thing which has been hammered hardest Which is the nasdaq tech heavy nasdaq. So I will we'll look at this next You know, it's interesting just about the nasdaq as well I know last week when we were doing our weekly rg video, you were talking there were alarm bells So there might be alarm bells for the nasdaq Also, we looked at a possible double top pattern to play out for the euro dollar or speak about those currencies later But we saw this week as well these stocks Posting 52 week highs. That's one breath momentum take Bendos hitting the 52 week lows last night. We saw the you know, the interest rates sensitive index rally as well The tax stocks were a bit optimistic towards that cpi inflation data today. So I guess I'm quite keen from a technical perspective. What are we looking at now? well, um, we saw from the rg how the nasdaq was still in that um weak quadrant But it and it it went down in a rather orderly down channel During 2022 got savage there now. What what has happened is we've got low low low low low low low low Then essentially the same low. So it's it it has broken the pattern of making lower lows Which is the definition of going down that doesn't mean it has to go up As yet, but it but it's uh, it stopped going down. It's done. So this sort of support level 11 000 high low Low and low here low. Um, and so this was a sort of recognized Level for it. Again, we've got for for support again. We've got A bullish divergence In place low higher low after a series of lower lows in here. And so this is the very least an indication of loss of momentum on the dine side, but undeniably, we're still in the downturn channel here We'd have to move through 11,700 Before we were taking that out and confirmed Uh, uh, you could confidently say that the downtrend is over if we broke 12 000. That's a long way From where we are now, of course Um, but what this one suffers is a lot of Resistance levels above and we're a long way from from the high here in percentage terms and it's um, As as it if it does go up as it does go up, it's going to Reach uh, reach barrier after barrier of resistance going to find it hard to go up And so if the market is uh, the u.s. Market is turning generally This one will be a reluctant participant in the bull market, even if it does turn up itself It's not looking like the hang saying was um at the beginning of december like it's really bombed out and ready to swing around Hard it's not at that stage Uh yet it's still uh looking like it's going to underperform the other indices Okay, here. This is the dow jones industrial average, of course narrowly based average Not uh populated with tech stocks It's populated with boring old things companies which make things and um, uh, and this index is looking a lot better chart So here it's come down. Yes from the high. Uh, we've got three points. Um on the downtrend line To me it broke up in november Came back retested The downtrend line and this is often happens when you have a major breakout you have a retest and it's bounced from it Um, it has also got the bullish divergence. See low low low low low low low low. That's that one Then higher low in here while the price made so we were warned in here that this could be making a new low It did so at a very obvious to um a technical analyst Point which is 29 uh thousand. Um here this high here and that low there So this was a significant, uh support, um resistance level and uh participated the big crash That we had and so um, this was a significant resistance point becomes a significant support point When you meet it from the other side So this was a rather a thing of beauty as far as a technical analyst is concerned But look how close we are now we are to the high Here now so compared to the nasdaq which is what layers of resistance before it gets back to its high This one is within striking uh distance of it So 34 800 is um is minor resistance I would say so that's the breakout return and the breakout then the next level Uh resistance level would be 35 500 and then the high back up here at 37 more or less 37 000 there and so this to me um is it's uh, there's a message here, which is that the um technology aspect is um is still a weight And maybe there's still more bad news to come in in that group of areas, but here the um old solid manufacturing uh type of uh companies is um is likely to need the whole market up So it is very split the u.s. Uh market But as you said the breadth is improving But what is make what are making 200 um new highs and you know 52 week highs and above their 50 and 200 day average that is populated um by uh the type of stocks which are um more involved in the manufacturing aspect And what are still making right 52 week lows is the technology stocks Right well that that is interesting If we move a little bit away from the us stock side and go into the european stocks I know you and I just before this video started talked about the footsie You saw an interesting pattern there and he said he really wanted to highlight that so The reason why I also mentioned the european stocks specifically the footsies I've been hearing just about in the market that europe where european stocks is actually probably a better bet than the us in 2023 So perhaps yes, you can tell me what you think about that I do and I mean we see that in in the um In the r.i.g. Don't we we see that over on the top on the right hand side was was the uh the stocks the cap the dachs also The footsie was looking good now on an absolute chart starting with the footsie Um, I I wondered you know people sort of this crept up on a lot of people We're close to making new all-time highs on the footsie and there aren't too many stock indices You know apart from turkey and and pakistan which are making new New all-time highs, but um, I think the reason is is a very similar one because um Of course, this is a sterling based index. Um, and so it's a beneficiary of a relatively weak currency Also, the the footsie 100 is a rather Unusual index in in this it's not at all a representation of uk plc It is it isn't the uk It's 100 stocks many of which are miners or oil companies foreign based Dollar earning securities and that's why it's doing wells because their profits are in dollars and um, so the other thing about the footsie is that it is in a way a an actively managed fund because The bad stocks are always being taken out of it and it's been they're being replaced by good stocks so it's actively managed and so it has a bias towards performing well because it's always the best performing things that are in it. So um It's not a surprise and it's not the best way of describing the uk the state of the uk I think the all share does that Much better, but it is what people look at or many people look at and um and what we saw What we're seeing now is these break of this these three tops in here Which were uh, you know, we're um We're very significant three four five tops really there and we're clearing it right right now and um So this is a new uh one year high, but in a moment i'm pretty um Confident if I can be confident that it's going to take out this high the 2018 may 2018 high And make a new high and then be picked the headlines after that. So we've already seen this that if you were Of course, this is a great Index if you are a uk based person who's outgains are in sterling and things like that The only thing that matters to you is that you know sterling and it's going up and it's it's Close to making new highs unlike for example The nasdaq, but if you express the pan the the footsie in dollars, you'd have a completely different picture, but um, it's about to hit some big headlines. I would say Right, well that that is interesting. I mean technically people last year were saying we're in a technical recession And yet you have the footsie. Um, just about to hit all-time high And yeah, there's a lot about The currency market and in the dollar and you know lately We've seen the weakening of the u.s. Dollar and that's been the catalyst for other currency pairs I like the euro pound a euro dollar and pound dollar Rally up especially after today's announcement as well. So From a currency market momentum perspective, can you give us an update? And then perhaps go a little bit into the charts of what could be next for each of these currency pairs Okay, now we're looking at the g10 currencies versus The u.s. Dollar. So the u.s. Dollar is in the middle here. So We you can see that the because the dollar itself is Not relatively it is weak everything pretty well everything except for the canadian dollar is right of 100 So doing better. So we got Bull markets In most currencies versus the dollar due to the dollar of weakness Furtherest of the right is the euro dollar. So On a relative basis this one is the best looking and as you see here It's moving directly eastwards. So it's it's that means it's strengthening in in a relative basis It's not moving northeasterly if it had a north of the aspect to it Then it would be with positive momentum, but it is moving. It is on a relative basis increasing its good performance Following it is the new zealand dollar the swissie the yen and the pound here and then the Scandies in here australian dollar and the canadian dollar over here. So behind us are these commodity currencies but The key thing that Interests us is I think is the is the euro and The pound and I think there's a two charts that we would like to look in a bit more detail Before I do that, I'd like to just look having said the dollar is weak Let's have a look at that and the best way to see it I think Is in the dollar index the dollar index is a basket of currencies More than 60 percent of it is the euro So it's kind of the euro and everything else but a very interesting chart here So here is when this is going down. It's the dollar going down. So here's the weakness of of the dollar I just want to point out that the it's coming back to this march 2020 high here and of course a long Long long long uptrend line like this is going to be you know Difficult to draw with any degree of accuracy so far Apart from this point here, you know small Inaccuracy and drawing it has a big effect up this end of the line But it looks like we're moving we have come back to this long term uptrend line So this fall in the dollar could conceivably Be coming to an end except that it is at this very point Increasing in its downside momentum. So we've got this is the macd move the average convergence divergence It's going down as you can see and it's a It's the gap is widening between it and its signal line And so this is this is means that the the downside momentum in the dollar is actually increasing And here now is the relative strength index while does relative strength index making a very very low Reading down in in here. So it's low not because it's Stronger or by it's low because it's actually weak. That's what puts it down there. So We the momentum is strong on the downside. It is going down. However, it's come to Significant support points. These are long term. This is the weekly chart Sorry, it is a daily chart, but it is a long term Levels they don't have to hold But it's it's a worth noting that we are at those levels So let let's switch now to the euro So the euro chart you would expect this to be a more or less a mirror of this chart here And that's what it is. So here is the Is the euro following falling the dollar rising then this is the fall in In the dollar and the rise in the euro this time we're looking at A weekly sample so each candle here is a weekly chart. So it turned Very attractive on the ROG chart back In the end of in the last quarter of last year, we picked that up and we talked about it and And we broke the downtrend line on this on this chart this downtrend channel Sorry, we broke up very powerfully the move out of the channel was very powerful indeed the MACD Cross to the upside It's the gap is widening here. So that weakness of the dollar, you know, where the gap widening in the MACD on that This is the equivalent here. It's strong and getting stronger 108 is a key level a lot of people are talking about the 108 level. We're at it quite at this moment And it is looking You know quite strong at it. This is a live chart and it's breaking it We're above 108 that will bring in a lot of attention because a lot of people have said That it could stop at 108, but it's got this strong momentum in it And it seems like it's likely to push ahead. So whether the support levels do hold in the end or not I don't know but um the the The where's the resistance? That's what we should look at. I mean, it's gone up a lot already here. You'd be late Buying into the euro if you did it now. It does meet this resistance at 108 We haven't really quite cleared it. It's just moved above it. But you can't say it's a Really put it behind it yet The there is good resistance, but I I I think it's It can still Push further to the next level of resistance, which is up at 110. It's got enough energy. I think to do that Switching now to the sterling which you remember was behind the euro in In the rrg chart or left further left in the euro in the rrg chart and here it is here It's not quite so good looking. Yes, it made it slow back at there in october and turned up broke its downtrend line in the same way came And broke this 120 big number there Pushed up strongly retraced back to 120 again and it's uh, steadyed up now to to 122 area It's um, it's it's looking good ish, but not as good as the euro I would say also it's much further down from it's it's high and it's got many more it's got more layers of resistance to get through and so like the naztac compared to The the dowel for example and the you know, you it's got a harder journey with more obstacles Than the euro So this one, you know, if you were choosing between two or you were going to do a currency pair euro sterling We should get some outperformance in that and And if you were choosing one over the other because you had a certain amount of capital choosing How do I Participate in the weaknesses of the dollar should I do a pound or should I be you do euro then I think that The preference would be the euro It's um, I was just forever calling us you're going through this when I was younger that every pound was two dollars We're happy we got to since then And Well, this is this is great. Um, I know that typically when we do our ROG Weekly videos at the very end. You also typically stand and you see highlight short-term trading opportunities Um, I don't know if you've done that today if you can kind of highlight to our audience what the scans show Are there any bounce candidates in this market that you could highlight that that would be great Yes, I one of the outstanding event at the end of last year was this um trend that we picked up relative trend that we picked up in in the hang saying which gave us a great opportunity To the early adopters in in this market, which had went down. Look here make making it's high um In 2021 the beginning of 2021 went down for two years and then it came Um, and and now it's a broken out of this up channel, but we picked it up in here Um, uh, no to be fair here We picked it up that this Downward pressure was abating and and of course there was good bounce opportunity here now It's a on an absolute chart. It's uh, it's broken up broken up very powerfully that always makes us think that Uh, that the break is good and there's likely to follow through we are coming towards resistance of 22,000 Just above 22,000 actually 22,500 But we're in a new uptrend low higher low high higher low with new highs going on So this is an uptrend. We see it too in the in the In the m acd itself now when when we first mentioned this Back in In just towards the end of last year Julius did a scan using relative rotation Methodology, so we like to look at the other hand saying because of its The chart the long-term downtrend and breaking up and the position Of a totally black that we'd had on the rg chart changing as it came up into the into the um Out of the weak quadrant and coming up above the 100 So this threw our attention to but what to do what specifically to do So we Ran the the following scan. We look for stocks that were in the hang saying that were above their 50 Where the 50 day average is above the 200 day average so in an intermediate term uptrend that that and the rg they individual stocks compared to the hang saying itself were in Oh were heading in a northeasterly direction. So we're looking at the angle of it between nought and Nought and 90 degrees. So so we of the ones which were going up We looked for the ones in that group the subset that were in that group that were Moving up in a relative basis, but also in with momentum and then we chose or Julius chose three that um that he liked The most and um and we went through through those So I thought I'd propose to go through two of those follow up on those two on two of them They're very similar to each other. They all broke up But we we liked the look of these ones because they had some potential and uh alibaba. We think has still got more potential so here is where we picked picked it up And um and thought that it had the potential it was at the time Actually, the macd was crossing. So this was um in uh late november and early december We saw this as a resistance level. Let me just zoom in on this a little bit Yeah, in fact, I'll go to the daily chart. I just want to take a second So here we are. Um, so this is um the When we did it uh here So we broke out we hesitated a little bit. We came we came down but we were seeing that the relative performance was was Looking better for the whole group and uh, this one looked like it had great Breakout potential. So it did eventually break out cleared the 90 Too properly and then powered away here in uh in january and a shot up and um, so it uh Uh alibaba was powered up as has moved up from 90 to 110 in a few sessions So we picked a good one that was preparing for a breakout It had good looking longer term technicals and it was at a breakout level and we got the impulse of it there It's coming towards resistance now 120 Which we mentioned at the time that we first looked at it down at um at 86 and 87 Level when we were first looking at it. So we'll have to see how it behaves at 120 It for some people it might be the end of the trade For them if they had participated in it, maybe they, uh, you know, don't want to see how the 120 level results itself and um and would rather Pay more in order to be sure that the 120 level has broken and um and not risk That this is complete and we have another one of these one two three tops at 120 but um, so that one just following up on on the the alibaba That we that we do your attention to um It's shot up and it is now approaching what was we called a target, but the resistance level At 120 it's pretty close to it now. So you must decide if you're in it already Whether that one has has done enough for you or will you look for it to go further? I mean if it breaks the 120 it's It'll go further. I'm pretty confident about that but if you're not in it yet, and um, and this one I think is is um, this is a a nta I think enter sport is the company 2020 is the Number for it and it has got a wonderful base in here And so we've got a series of lows pretty close together around 80 But a series of highs at 100 the round number of 100 We had this bullish divergence on here low lower low low higher low breaking the pattern of declines in here and um and this as We saw in the rlg Selection process that this one was looking Like it was strengthening getting ready to do something And it was in the range when we when we said that and now it's cleared the range It's broken out. This becomes a good strong area of support here and Yes, we've got we've got some resistance 130 we've got some more resistance not too strong at 139 And then and then we've got this rapid fall in here So the if we get up to that level The the rise could accelerate at that point there because it fell fast. It could price fast As well without much Resistance so this one looks as though it could be still in early stages of its move with a very nice solid base Down below there