Price just broke above the Cloud with a sharp move and has
reached the Weekly R1 at 250. Above is the Monthly R1 at 267
and then a minor Resistance level at 305 below the all time high
at 375. The breakout is a bit premature, looking at the projected
Cloud which is bearish, so we might see a pullback before
continuation up. Another scenario is a very strong candle that
leaves the Cloud behind which would take price above the
270 level. The daily close will give more clarity, but it seems
obvious that there is no patience from the Bulls,waiting for
a clean breakout (by Ichimoku standards). Only a close inside
the Cloud will shift the bullish bias to neutral. Natural price
action would see a close above the cloud and a retest of the
upper Cloud before continuing up (compare the Jan 16 breakout
and retest)
reached the Weekly R1 at 250. Above is the Monthly R1 at 267
and then a minor Resistance level at 305 below the all time high
at 375. The breakout is a bit premature, looking at the projected
Cloud which is bearish, so we might see a pullback before
continuation up. Another scenario is a very strong candle that
leaves the Cloud behind which would take price above the
270 level. The daily close will give more clarity, but it seems
obvious that there is no patience from the Bulls,waiting for
a clean breakout (by Ichimoku standards). Only a close inside
the Cloud will shift the bullish bias to neutral. Natural price
action would see a close above the cloud and a retest of the
upper Cloud before continuing up (compare the Jan 16 breakout
and retest)
