Price has broken above a longer term trendline, seen on the daily chart and has reached and tested the Monthly pivot point as was the initial target of a breakout, at 8400. Currently price is retracting from this level and we might see a test of the new Weekly pivot point at 7800. We also see some bearish divergence. A move down to approximately 7500 should be a natural retracement here, to retest the broken trendline and testing the support and resistance level. Bulls would prefer that Weekly pp at 7800 holds support, and that price then takes out the Monthly pp and continues up. Next important level is the top at 9100 and if taken out we have a reversal formation in place on this timeframe. If price instead breaks below the 7500 level and the Cloud, it will be a warning signal for bulls but as of now, bias is to the upside because of the trendline break on the daily timeframe.