Price is currently at the level of the first post Covid crash high and is just bellow the 3.61 fib level.
OBV is confirming the short term uptrend and both the slow and fast Force index are showing that the bulls are currently in control. The MACD crossing and the slight gap up to open for the most recent daily candle are both bullish.
This week's price action will be telling. A close above 294.86 should act as confirmation for a continuation of the short term rally to 314.
In my opinion, 314 is the make or break level that will either double top and fade or make a new higher high which could signal a long term reversal.
I think 314 and a retracement to 295 is most likely although 314 and a retest of 270 could also happen given there is no catalyst in the near term that would justify a big sustainable market rally. $230 is my projected market bottom in the event $270 fails a retest.
OBV is confirming the short term uptrend and both the slow and fast Force index are showing that the bulls are currently in control. The MACD crossing and the slight gap up to open for the most recent daily candle are both bullish.
This week's price action will be telling. A close above 294.86 should act as confirmation for a continuation of the short term rally to 314.
In my opinion, 314 is the make or break level that will either double top and fade or make a new higher high which could signal a long term reversal.
I think 314 and a retracement to 295 is most likely although 314 and a retest of 270 could also happen given there is no catalyst in the near term that would justify a big sustainable market rally. $230 is my projected market bottom in the event $270 fails a retest.
