Although price appears to have pierced the lower RL great care must be taken as in a higher TF such as the 60 min price has held on the lower RL ( see inset) but as you can see it appears that price has already closed one bar/candle above the upper RL. You need confirmation in more than one TF and usually one low such as 5 or 10 mins and one 30 or 60 mins...i learned this the hard way buying a supposed breakout only to find price was still being contained.
It sure now looks as though we are going higher as we have made a higher low and are nudging the upper down sloping RL yet again.
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