Price has broken a trendline with a strong candle to
the upside and is now above the Weekly R1 pivot
at 177. A bullish MACD cross is also pushing price
higher. A close above the Weekly R1 will expose the
Monthly pp yet untraded at 202. Typically price tends
to gravitate towards the untraded pivot point. The
zone 210-200 will be a stronghold resistance with
the Monthly pp, Yearly pp, Weekly R2 and the lower
Cloud. If price close below Weekly R1 we might see
a retest of the broken S/R level at 165.
Bulls are starting to feel some relief after the massive
depreciation previous month. Price has found its
footing by the SMA200 and is now looking more
constructive. Bulls would like to see a taking out
of the high at 195 to create a reversal swing.
Ultimately, price will face strong resistance around
200 which is unlikely to be broken at a first
attempt. However, if price cuts through the Cloud
chances are really good that the 100 low is
a medium term bottom. Technicians love to see
trendlines broken with a strong candle, but this
one hasn't yet closed. If it retraces most of its
early gains, we might see sideways action
ahead.
the upside and is now above the Weekly R1 pivot
at 177. A bullish MACD cross is also pushing price
higher. A close above the Weekly R1 will expose the
Monthly pp yet untraded at 202. Typically price tends
to gravitate towards the untraded pivot point. The
zone 210-200 will be a stronghold resistance with
the Monthly pp, Yearly pp, Weekly R2 and the lower
Cloud. If price close below Weekly R1 we might see
a retest of the broken S/R level at 165.
Bulls are starting to feel some relief after the massive
depreciation previous month. Price has found its
footing by the SMA200 and is now looking more
constructive. Bulls would like to see a taking out
of the high at 195 to create a reversal swing.
Ultimately, price will face strong resistance around
200 which is unlikely to be broken at a first
attempt. However, if price cuts through the Cloud
chances are really good that the 100 low is
a medium term bottom. Technicians love to see
trendlines broken with a strong candle, but this
one hasn't yet closed. If it retraces most of its
early gains, we might see sideways action
ahead.
