Yesterday price found support by the Weekly pivot point at 9930
and it also broke the tendency with lower highs, lower lows and
broke above the descending channel. It came back down for a
retest, which is perfectly normal price action and has now advanced
to the upper Cloud and the daily R1 pivot at 10510. We can
see that there is a Cloud twist brewing. Also note the new
pattern of a higher high and higher low. There is a minor support
at 10300 and below that is the pivot point at 10050.
If we see a close above the R1 it will likely take us to the
R2 and previous top at 10860, if reached we might see a bounce
before continuing higher. Ultimate resistance on intraday chart
is the longer term trendline marked on the chart, which gave
a bounce on the last test on Feb 20. This aligns with the R3
pivot today just below 11400.
Overall, as long as price holds above the pivot point and the
low at 9920 the bias is to the upside. A close above the Cloud
will increase this bias.
and it also broke the tendency with lower highs, lower lows and
broke above the descending channel. It came back down for a
retest, which is perfectly normal price action and has now advanced
to the upper Cloud and the daily R1 pivot at 10510. We can
see that there is a Cloud twist brewing. Also note the new
pattern of a higher high and higher low. There is a minor support
at 10300 and below that is the pivot point at 10050.
If we see a close above the R1 it will likely take us to the
R2 and previous top at 10860, if reached we might see a bounce
before continuing higher. Ultimate resistance on intraday chart
is the longer term trendline marked on the chart, which gave
a bounce on the last test on Feb 20. This aligns with the R3
pivot today just below 11400.
Overall, as long as price holds above the pivot point and the
low at 9920 the bias is to the upside. A close above the Cloud
will increase this bias.
