Expecting sideways trending/consolidation in the $9600-$8900 range for a while between the historically very strong support and resistance of the upper-daily and monthly CZ's and the 50W/200D MA's (the diminishing buy-volume and flat sell volume also supports consolidation).
On breakout I expect a violent uptrend. Positive-slopes on important macro MA's and CZ's (50M, 50W) supports this.
However, we need a strong breakout with bigger volume. This is why the prior breakout did not sustain itself.
If we break down below 50W/200D, we may very well revisit 50M MA.
On breakout I expect a violent uptrend. Positive-slopes on important macro MA's and CZ's (50M, 50W) supports this.
However, we need a strong breakout with bigger volume. This is why the prior breakout did not sustain itself.
If we break down below 50W/200D, we may very well revisit 50M MA.
Comment:
Just for the record, not betting on this. On breakout and confirmation of trend I will jump in though.