After a double top against 80.50 this market corrected a standard 38.2% Fibonacci correction. Bulls entered again close to the 72.50 floor and prevented a lower low in a wider view.
With this in mind and the break above the shorter term downtrendline, bulls should try to get a higher high going, i.e. a move over 80.50. 83.50 is then a candidate.
Have to keep alternative scenario's in mind; Market is seeing some resistance currently against 78.15, the top end of the Bollinger Bands. If this remains a difficult mark, a short-term setback can be seen to the midline, around 75.85/75.60. This ideally should hold as support. Once below, a wider head and shoulders pattern may play out but only confirmed below 72.50.
I.e, 72.50 and 80.50 are the levels to watch for the next direction with bulls for now holding the edge.
With this in mind and the break above the shorter term downtrendline, bulls should try to get a higher high going, i.e. a move over 80.50. 83.50 is then a candidate.
Have to keep alternative scenario's in mind; Market is seeing some resistance currently against 78.15, the top end of the Bollinger Bands. If this remains a difficult mark, a short-term setback can be seen to the midline, around 75.85/75.60. This ideally should hold as support. Once below, a wider head and shoulders pattern may play out but only confirmed below 72.50.
I.e, 72.50 and 80.50 are the levels to watch for the next direction with bulls for now holding the edge.