Bulls may be slightly nervous about price being unable
to take out the Jan 28 & Feb 20 highs. Still as long as
price holds above the channel the outlook is bullish.
Also price hasn't yet retested the Cloud after the breakout on March 1.
The bearish divergence seen by the recent top, finally resulted in
a move down. If we see support by the Weekly pp and a reversal
signal there on this timeframe, chances are very good for a breakout
higher towards 12700. Also note the robust bullish projected Cloud
that rarely lets a candle through without a fight. Bulls should be OK
with some retracement here, to shake off the bearish divergence and
preferrably put in a hidden bullish divergence, which is already in
play compared to the March 1 low but not yet the Feb 23 low (seen
on the Chaiking osc. at the bottom). To clear the Weekly pp is also
natural if it is within reach.
to take out the Jan 28 & Feb 20 highs. Still as long as
price holds above the channel the outlook is bullish.
Also price hasn't yet retested the Cloud after the breakout on March 1.
The bearish divergence seen by the recent top, finally resulted in
a move down. If we see support by the Weekly pp and a reversal
signal there on this timeframe, chances are very good for a breakout
higher towards 12700. Also note the robust bullish projected Cloud
that rarely lets a candle through without a fight. Bulls should be OK
with some retracement here, to shake off the bearish divergence and
preferrably put in a hidden bullish divergence, which is already in
play compared to the March 1 low but not yet the Feb 23 low (seen
on the Chaiking osc. at the bottom). To clear the Weekly pp is also
natural if it is within reach.
