Price has broken above a longer term trendline, seen on the
daily chart and has reached and tested the Monthly pivot point
as was the initial target of a breakout, at 8400. Currently
price is retracting from this level and we might see a test of
the new Weekly pivot point at 7800. We also see some
bearish divergence. A move down to approximately 7500
should be a natural retracement here, to retest the broken
trendline and testing the support and resistance level. Bulls
would prefer that Weekly pp at 7800 holds support, and that
price then takes out the Monthly pp and continues up. Next
important level is the top at 9100 and if taken out we have a
reversal formation in place on this timeframe. If price instead
breaks below the 7500 level and the Cloud, it will be a warning
signal for bulls but as of now, bias is to the upside because of
the trendline break on the daily timeframe.
daily chart and has reached and tested the Monthly pivot point
as was the initial target of a breakout, at 8400. Currently
price is retracting from this level and we might see a test of
the new Weekly pivot point at 7800. We also see some
bearish divergence. A move down to approximately 7500
should be a natural retracement here, to retest the broken
trendline and testing the support and resistance level. Bulls
would prefer that Weekly pp at 7800 holds support, and that
price then takes out the Monthly pp and continues up. Next
important level is the top at 9100 and if taken out we have a
reversal formation in place on this timeframe. If price instead
breaks below the 7500 level and the Cloud, it will be a warning
signal for bulls but as of now, bias is to the upside because of
the trendline break on the daily timeframe.
