Long term trend: Up
Medium term trend: Up
Significant levels: 5670 (Horizontal Support), 5930 (Horizontal Resistance), Uptrend line
The market broke two significant levels, namely the 5490 and 5670 price levels. The slope of the trend line is so steep, which indicates that bulls were in control. Probably the price will reach the resistance area before making a retracement. The move up has not made any retracement yet and it is likely that the price will retrace soon. As the price is going up right now, we cannot place our Long positions right away. We would prefer for the price to back down and get a cheaper price for us to buy.
The bottom line is, we are bullish on this market right now and going Long is our opportunity. Trade well.
Medium term trend: Up
Significant levels: 5670 (Horizontal Support), 5930 (Horizontal Resistance), Uptrend line
The market broke two significant levels, namely the 5490 and 5670 price levels. The slope of the trend line is so steep, which indicates that bulls were in control. Probably the price will reach the resistance area before making a retracement. The move up has not made any retracement yet and it is likely that the price will retrace soon. As the price is going up right now, we cannot place our Long positions right away. We would prefer for the price to back down and get a cheaper price for us to buy.
The bottom line is, we are bullish on this market right now and going Long is our opportunity. Trade well.