Price is trading in a well defined Pitchfork channel with the anchor on Dec 8 low when the pair traded below 400. Currently price is being supported by the medium line and the Daily pivot point at 1190 after setting in a nice bullish engulfing during late Asia session. This could spark more upside if we see a close above the Weekly R1 at 1250. If price extends above the upper band it is regarded as overbought, with high risk of a pullback. Price did test the 3rd quartile and the Weekly pp on Jan 8 and and has since, shot up and hit the Weekly R2, price action typical for a bullish market, so chances are we will see upward coninuation from here. Bulls do not want to see a close below the low of the Bullish engulfing candle at 1080, which could expose the lower band of the Pitchfork and if a break below cause a trendshift.
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