Yesterday price made a daily close right at the important 8250 level
tipping point, emphasizing current market indecision. Today we have
seen some slight pullback, but on the hourly chart (right) price is searching
for support by the upper Cloud. Still it has failed to close above the Daily pivot
point as of now. Some bearish divergence on the hourly has also played out and
is seen in the drop from the 8600 top to current levels. If price manages to carv
out a bottom by the 8000 level on the intraday chart, we might see further gains
but we need to see a breaching and close above the daily pp for a start at 8150.
A break above will open up for a move towards the R1 @ 8750. A break below the
S1 will increase a test of the lower Cloud around 7300 and perhaps the S2 at 7050.
Overall, on the higher timeframe, price did close above the SMA200 (daily tf) and
Bulls would like it to stay above but also close above the current resistance at 8250.
That could add confidence and push market higher towards the next hurdle, which
is the 61.8 fib and the broken trendline at 9350. A failure at 8250 again may start
the retest drop towards the current low, and first important support is the Monthly S1
at 7200.
tipping point, emphasizing current market indecision. Today we have
seen some slight pullback, but on the hourly chart (right) price is searching
for support by the upper Cloud. Still it has failed to close above the Daily pivot
point as of now. Some bearish divergence on the hourly has also played out and
is seen in the drop from the 8600 top to current levels. If price manages to carv
out a bottom by the 8000 level on the intraday chart, we might see further gains
but we need to see a breaching and close above the daily pp for a start at 8150.
A break above will open up for a move towards the R1 @ 8750. A break below the
S1 will increase a test of the lower Cloud around 7300 and perhaps the S2 at 7050.
Overall, on the higher timeframe, price did close above the SMA200 (daily tf) and
Bulls would like it to stay above but also close above the current resistance at 8250.
That could add confidence and push market higher towards the next hurdle, which
is the 61.8 fib and the broken trendline at 9350. A failure at 8250 again may start
the retest drop towards the current low, and first important support is the Monthly S1
at 7200.
