WEEKLY (W1)
Still in the weekly clouds roughly in the middle of it and still above the TENKAN-SEN (@ 39'400) which should be watch carefully on the next weekly closing level.
Indeed, a failure to close above it would put the focus again to the bottom of the clouds around 37'600 (former congestion support on daily chart)
DAILY (D1)
Daily clouds still in resistance and the 40'800 area should be seen as a KEY PIVOT LEVEL for further development !
Indeed, a successful and sustainable breakout of that level (top of the daily clouds) would open the door for higher levels towards the former high @ 41'694 reached two days ago ahead of the 42'500 area (1 month top of the clouds !) and then towards the ongoing downtrend line resistance, currently around 44'200.
A failure to do it, would directly put the focus to the CLUSTER SUPPORT ZONE 40'200-39'800 and a breakout of 39'800 on a daily closing basis would add further selling pressure calling for further downside towards the 37'600-37'000 former daily congestion support as already previously mentioned in W1.
RSI slightly above 50, @ 52.56
LAGGING LINE in the clouds, currently testing the TS and KS support.
4 HOURS (H4)
Above the clouds and currently traded around the Tenkan-Sen level (40'898)
RSI @ 59.29
LAGGING LINE still in the clouds and above the Kijun-Sen
In this 4 hours time frame, watch the clouds (39'880-39'232)on the downside as first significant support area and the former high @ 41'694 as the first resistance.
A failure, on a 4 hours closing basis, to recover and hold above 40'898 would add further selling pressure for the upcoming trading hour (s).
1 HOUR (H1)
Watch the clouds which worked perfectly well, so far as a good leading indicator in this short term time frame.
A failure to hold above 39'900 (1 hour closing basis), would be seen as the first warning signal calling for further downside as previously mentioned in longer time frames.
IRONMAN8848 & Jean-Pierre Burki
Still in the weekly clouds roughly in the middle of it and still above the TENKAN-SEN (@ 39'400) which should be watch carefully on the next weekly closing level.
Indeed, a failure to close above it would put the focus again to the bottom of the clouds around 37'600 (former congestion support on daily chart)
DAILY (D1)
Daily clouds still in resistance and the 40'800 area should be seen as a KEY PIVOT LEVEL for further development !
Indeed, a successful and sustainable breakout of that level (top of the daily clouds) would open the door for higher levels towards the former high @ 41'694 reached two days ago ahead of the 42'500 area (1 month top of the clouds !) and then towards the ongoing downtrend line resistance, currently around 44'200.
A failure to do it, would directly put the focus to the CLUSTER SUPPORT ZONE 40'200-39'800 and a breakout of 39'800 on a daily closing basis would add further selling pressure calling for further downside towards the 37'600-37'000 former daily congestion support as already previously mentioned in W1.
RSI slightly above 50, @ 52.56
LAGGING LINE in the clouds, currently testing the TS and KS support.
4 HOURS (H4)
Above the clouds and currently traded around the Tenkan-Sen level (40'898)
RSI @ 59.29
LAGGING LINE still in the clouds and above the Kijun-Sen
In this 4 hours time frame, watch the clouds (39'880-39'232)on the downside as first significant support area and the former high @ 41'694 as the first resistance.
A failure, on a 4 hours closing basis, to recover and hold above 40'898 would add further selling pressure for the upcoming trading hour (s).
1 HOUR (H1)
Watch the clouds which worked perfectly well, so far as a good leading indicator in this short term time frame.
A failure to hold above 39'900 (1 hour closing basis), would be seen as the first warning signal calling for further downside as previously mentioned in longer time frames.
IRONMAN8848 & Jean-Pierre Burki
