Trendlines: All downtrend lines that can be drawn from $172.25 and below have been broken. Last downtrend line drawn above and has been broken as well.
Support/Resistance: $153.16-$154.63 is a possible resistance zone that could pause this rally however, given the rallying dollar and narrative of economic slowdown, we could certainly retest $172.25.
Moving Averages: new uptrend line confluence with the 50 SMA. Above all major MA’s: EMA 9, SMA 20, 50, 100, 200.
Bullish unless new uptrend line/50 MA breaks.
Support/Resistance: $153.16-$154.63 is a possible resistance zone that could pause this rally however, given the rallying dollar and narrative of economic slowdown, we could certainly retest $172.25.
Moving Averages: new uptrend line confluence with the 50 SMA. Above all major MA’s: EMA 9, SMA 20, 50, 100, 200.
Bullish unless new uptrend line/50 MA breaks.