However, at this particular juncture the MFI is out of the comfort zone and above the pink horizontal line which tells me a little more consolidation is required.
This is indeed backed up by the 1m chart
Notice the MFI holding above the comfort zone and quite close to the overbought area depicted by way of thick red horizontal at the top of the MFI window.
What I am interested in is some further consolidation in price, a drop below the blue average on the MFI and a return to within the comfort zone, and then a re-assessment of the situation.
Yes, the price could well push higher but the indicators tell me this could be short lived so better to waiting until the supporting red & blue averages are a little closer to the PP and the green ema is closer to the red/blue cross.
More waiting I'm afraid
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