The pair found support by the Weekly S1 at 1010 in a way that
shows that uptrend is intact. Bulls would only need to worry if S1
was taken out. Price is now back at the important 1150 level which
right above the Weekly pp, which it tried to breach on Jan 28 but
failed. If price takes out the previous top at 1239 chances are we
will see a move to the Weekly R1 at 1345 and ultimately the all time
high at 1420 which is also a pivot cluster of the new Monthly R1
and the Weekly R2. The new Monthly pivot point at 1083 is not
yet traded, so we might see a pullback to test it before any
sharper move up.
Only a break below the 1000 level will shift focus to the
downside, and we are looking at a test of the trendline and
the 905 low as support. Some Hidden Bullish Divergence
is visible on the MACD indicator.
shows that uptrend is intact. Bulls would only need to worry if S1
was taken out. Price is now back at the important 1150 level which
right above the Weekly pp, which it tried to breach on Jan 28 but
failed. If price takes out the previous top at 1239 chances are we
will see a move to the Weekly R1 at 1345 and ultimately the all time
high at 1420 which is also a pivot cluster of the new Monthly R1
and the Weekly R2. The new Monthly pivot point at 1083 is not
yet traded, so we might see a pullback to test it before any
sharper move up.
Only a break below the 1000 level will shift focus to the
downside, and we are looking at a test of the trendline and
the 905 low as support. Some Hidden Bullish Divergence
is visible on the MACD indicator.
