Yesterday I laid out a bullish and a bearish scenario after the price broke through the trend line. As it turns out that was only a bear trap and the price has quickly reversed to the upside! Way to go bulls!
I drew the $9,475 horizontal line on the 22nd and expected that to be the next significant resistance after we broke through $9,000. That is based on the previous resistance/support that the $9,500 area has provided.
From here I expect a healthy pullback to $9,000 - $9,200. If not currently in a position then wait for that before building one. Even though I am expecting a pullback I would not recommend shorting. The market has turned bullish and it is time to look for long entries.
I am still long from $8,000 - $8,129 and haved moved the stop up to $8,549.
Happy trading and go bulls!
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After a nice rally we are seeing the pullback I expected. If not in a position building one from $9,000 - $9,200 still makes sense. ~$8,825 stop loss is where I would be looking. ~$11,600 profit target leaves a very nice risk:reward ratio.