Price is advancing above the daily Cloud and the march 20 top.
The projected Cloud is still bearish which may cause a pullback, but sometimes
in quick markets merely reflects strong sentiment
shift. The next natural resistance, if price holds above the daily Cloud is the
SMA200, currently at 9825 and above that the Monthly R1 at 10200. Bulls
would like to see a daily reversal swing, which entails a taking out of the
double top from late feb and early march around 11500. That will probably
be the level were more larger investors will dare enter the market.
On the H4 timeframe I have also drawn a Pitchfork channel which is useful to
follow the pace of the bullish move. If price breaks above the top, it will be
overbought and a pullback is likely, and if price breaks below, it will mark
a trendshift and end of the bullwave. It is noticeable that price never came
down to test the Weekly pivot point at 8550, which is a bullish signal in itself.
The projected Cloud is still bearish which may cause a pullback, but sometimes
in quick markets merely reflects strong sentiment
shift. The next natural resistance, if price holds above the daily Cloud is the
SMA200, currently at 9825 and above that the Monthly R1 at 10200. Bulls
would like to see a daily reversal swing, which entails a taking out of the
double top from late feb and early march around 11500. That will probably
be the level were more larger investors will dare enter the market.
On the H4 timeframe I have also drawn a Pitchfork channel which is useful to
follow the pace of the bullish move. If price breaks above the top, it will be
overbought and a pullback is likely, and if price breaks below, it will mark
a trendshift and end of the bullwave. It is noticeable that price never came
down to test the Weekly pivot point at 8550, which is a bullish signal in itself.
