Bulls are looking for a daily close above 11500 today which would
create a channel break and piercing of several resistances around
this level. This could finally take price to the yet untraded Monthly
pivot point at 12200. This would also shift the trend from bearish
to neutral. The MACD indicator bounced instead of crossed and
is right now looking higher again. Ofcourse the resistance is
significant around 11000-11500 (50% fib/Yearly pp/Weekly R1/
Upper Channel/Lower Cloud). If breached it may cause a rally
to the upper Cloud , especially on the back of a close above the
Monthly pp.
Overall, price has found support by the 61,8 fib of the large
bull wave and is trading between the 61,8 and the 50% fib.
A taking out of the Jan 28 high at 11989 will create a higher
high with a higher low in place, and this will create a reversal
swing and a more bullish outlook going forward.
create a channel break and piercing of several resistances around
this level. This could finally take price to the yet untraded Monthly
pivot point at 12200. This would also shift the trend from bearish
to neutral. The MACD indicator bounced instead of crossed and
is right now looking higher again. Ofcourse the resistance is
significant around 11000-11500 (50% fib/Yearly pp/Weekly R1/
Upper Channel/Lower Cloud). If breached it may cause a rally
to the upper Cloud , especially on the back of a close above the
Monthly pp.
Overall, price has found support by the 61,8 fib of the large
bull wave and is trading between the 61,8 and the 50% fib.
A taking out of the Jan 28 high at 11989 will create a higher
high with a higher low in place, and this will create a reversal
swing and a more bullish outlook going forward.
