since advanced after the sharp drop and is now back at
the Weekly at 15400 and the horizontal resistance
level. If price breach and close above this level, chances are
we might see more upside. The Daily R1 stands at 16230 and
above the the high from Dec 27 at 16480. If price fails to breach
the 15400 level sellers may come back and push price towards
the Cloud for another test.
Overall, price has failed to continue above the 16480 high and
sold off sharply and is now retracing some of the losses. Trend
is still on this timeframe but it has lost some momentum.
Bulls do not want to see a close inside the Cloud as it may
push price lower and threaten a breakout of the Cloud
and the channel.Another sharp sell off today should find support
at 13550 which is the Weekly S1 and also the Daily Cloud support.
If you want to support this channel check out the
profile page at the top for details. Thanks.