We see price has moved above the Cloud on the daily timeframe and since been
oscillating above it, testing its support. The Monthly pivot point at 8470 is still
untraded and is a likely target if price breaks below the Weekly S1 at 8980.
On the H4 tf to the right price is attempting to break above the Cloud and shift
to bullish trend. After testing the Weekly pp it fell and bounced off the Weekly S1
8975, which is a healthy sign from a bullish perspective. Bulls would like to see
a strong candle to the upside and taking out of the high at 9450. This would
open up a move to the Weekly R1 at 10100. The daily pp is at 9215, which may
be tested before any upward move. A close below the H4 Cloud will signal weakness
and may trigger further losses, but currently bias is to the upside.
oscillating above it, testing its support. The Monthly pivot point at 8470 is still
untraded and is a likely target if price breaks below the Weekly S1 at 8980.
On the H4 tf to the right price is attempting to break above the Cloud and shift
to bullish trend. After testing the Weekly pp it fell and bounced off the Weekly S1
8975, which is a healthy sign from a bullish perspective. Bulls would like to see
a strong candle to the upside and taking out of the high at 9450. This would
open up a move to the Weekly R1 at 10100. The daily pp is at 9215, which may
be tested before any upward move. A close below the H4 Cloud will signal weakness
and may trigger further losses, but currently bias is to the upside.
