1W support holding. Uptrend forming. Long

2018年6月15日

After Wednesday's 6,125.7 Bottom formation, yesterday's 1D candle closed on an Engulfing Bullish reversal, managing to turn around 4H (B/BP = 61.2563, Williams = -36.863). This has clearly formed a rebounding Channel Up (yellow lines) that has already found Resistance at 6,700 (Resistance levels on this rebound are noted on the dotted Blue lines). As expected, that is the projected 1-2 session sideways trading near the 6,000 - 6,432.4 1W support zone, before the first test at 7,286.70 - 7,417.90 (followed by the 0.618 Fibonacci retracement levels (8,327.90 - 8,719.20)). The neutral CCI = 32.8512, Highs/Lows = 0 and Ultimate Oscillator = 50.468, are an indication of this support base creation. Our short entries are set on the previously discussed break-out points.