FLM has very gently broken the ATH. Today it opens with a red candle. Will this be a temporary top for a retrace and then a big break of the ATH. Because let's face it, breaking the ATH with 1.5 cents is not very much. The ema's are bullish and momentum is slowly increasing. The rsi briefly rose above the 70 level and is currently falling again. The added ema on the rsi is still steadily rising. This may indicate a back test of the rsi on the ema.
daily chart: https://www.tradingview.com/x/QP4H870U/
Here it is easy to see that FLM has been pummeling for a day. Yesterday there was a rise of no less than 50%. In this rise, an inefficiency block has formed at the level of the previous highs. This could be a prime spot for a retrace. The ema's are bullish and momentum is picking up nicely. The rsi has gone over 80 and is currently at the 70 level just below the ema.
4h chart: https://www.tradingview.com/x/MqNXqDjc/
We can't draw the fib very nicely on the 1h but we have conveniently left the thick wick at the bottom out of the picture, at least so it seems but on the 15m we do catch the start of the upmove. What immediately stands out is the confluence of the inefficiency block and the golden pocket at the level of the previous highs. The price is also very distant from the bullish enzymes. Often you will see a retrace towards the enzymes which now also have confluence around the golden pocket. The rsi is at the 50 level and below the ema. All in all quite a few signals that we are heading towards the GP.
1h chart: https://www.tradingview.com/x/zBzNp2Xe/
Conclusion:
I expect that with the filling of the inefficiency block and the GP the price will go up again. Resistance, where probably the new ATH will come, will be around 1.22 dollar. This is the extended fibonacci 2.618 level.
Of course, it is also possible that we will dip below the inefficiency block and then the supply zone of 56 to 64 cents will be the zone that should provide support.
