Price has continued up today, initially spiking higher but bouncing but then
bouncing off resistance just below daily R1 and retracing on some hourly
bearish divergence. Price fell below the daily pivot point at 9870 but managed
to close above again, on some strong hidden bullish divergence. Currently it is
moving up towards the daily high. If it manages to close above the 10400
mark which is the R1 pivot, we might see continuation towards the stronger
resistance at 10800. It looks like price is gravitating towards the Monthly pivot
point at 12200, which will align with the lower Cloud and a larger descending
channel. This will be the real test of Bull strength going forward and might
initially, if reached, cause a sell off as it is a natural target to take profits.
Bulls would like to see price stay and close above the 9500 S/R level and even
better above yesterdays close at 10135, since it will expose the Weekly R2 at 10850 and higher
targets as the Monthly pp. A shift to the downside will start with a close below the hourly Cloud and the
ascending channel on that timeframe. Something to keep an eye on. Overall, bias is
to the upside as the intraday timeframes as H4 and H1 are both in bullish trend.
bouncing off resistance just below daily R1 and retracing on some hourly
bearish divergence. Price fell below the daily pivot point at 9870 but managed
to close above again, on some strong hidden bullish divergence. Currently it is
moving up towards the daily high. If it manages to close above the 10400
mark which is the R1 pivot, we might see continuation towards the stronger
resistance at 10800. It looks like price is gravitating towards the Monthly pivot
point at 12200, which will align with the lower Cloud and a larger descending
channel. This will be the real test of Bull strength going forward and might
initially, if reached, cause a sell off as it is a natural target to take profits.
Bulls would like to see price stay and close above the 9500 S/R level and even
better above yesterdays close at 10135, since it will expose the Weekly R2 at 10850 and higher
targets as the Monthly pp. A shift to the downside will start with a close below the hourly Cloud and the
ascending channel on that timeframe. Something to keep an eye on. Overall, bias is
to the upside as the intraday timeframes as H4 and H1 are both in bullish trend.
