Price found support by the Cloud on a closing basis and has since advanced after the sharp drop and is now back at the Weekly pivot point at 15400 and the horizontal resistance level. If price breach and close above this level, chances are we might see more upside. The Daily R1 stands at 16230 and above the the high from Dec 27 at 16480. If price fails to breach the 15400 level sellers may come back and push price towards the Cloud for another test. Overall, price has failed to continue above the 16480 high and sold off sharply and is now retracing some of the losses. Trend is still bullish on this timeframe but it has lost some momentum. Bulls do not want to see a close inside the Cloud as it may push price lower and threaten a bearish breakout of the Cloud and the channel.Another sharp sell off today should find support at 13550 which is the Weekly S1 and also the Daily Cloud support.
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