Technical Analysis
The upside is favored in the near term, as the price has managed to take 37.00 resistance level, and settle back above the 200-days SMA. That could be within the context of forming a rounding bottom or cup with handle pattern. I am targeting initially 41.70 level, a breakout above 41.70 would confirm the bullish continuation to the major long term resistance at 43.65.
Holding above 37.00 support level keeps this scenario likely.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
The upside is favored in the near term, as the price has managed to take 37.00 resistance level, and settle back above the 200-days SMA. That could be within the context of forming a rounding bottom or cup with handle pattern. I am targeting initially 41.70 level, a breakout above 41.70 would confirm the bullish continuation to the major long term resistance at 43.65.
Holding above 37.00 support level keeps this scenario likely.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician