I see a classic cup and handle formation, with some selling when we reached the near term high (profit takers), but not convinced entirely due to the low volume in the pattern creation.
That said, if we break downtrend and clear the previous near term high of 129.80, it could be a quick sail to 133.
With the impending Ex-im bank re-authorization coming up in the next couple of weeks, that positive trigger could complete the formation and provide that breakout.
Short term target is 133 by 9/30 a 4.8% move in the next 20 trading days.
That said, if we break downtrend and clear the previous near term high of 129.80, it could be a quick sail to 133.
With the impending Ex-im bank re-authorization coming up in the next couple of weeks, that positive trigger could complete the formation and provide that breakout.
Short term target is 133 by 9/30 a 4.8% move in the next 20 trading days.