The price has been moving up after consolidating between two monthly zones currently marked as MS1 and MS2. This is a very nice pattern to identify for the bullish move and it was there in this case. Very beautifully the price osciallated between these two zones for a long time before moving beyong the MS1 zone. Everytime the price was pushed down from MS1 zone, it found support on MS2 zone and had a bounce. After going beyond the MS1 zone, it was rejected by the weekly resistance WR1 zone but monthly support zone MS1 provided the needed support and the price bounced from there. This was another opportunity to go long as this was breakout retest. Now on this bounce from MS1 zone, the price has managed to move beyond that WR1 zone and currently trading above it. This opens the way for the price to target the next resistance which is monthly resistance MR1 and that zone lies around 243-262. I think the price is likely to hit that zone in coming weeks. We will have a look how it behaves at that resistance but there would be a considerable pullback at that level. So if long, booking profit at that level would be a good idea.
