We can see now that the 200 MA on this 15 minute chart is turning nicely to the upside and I have extended it out for the purpose of this idea. It appears that the price action is now going to follow this average and this could be the verification that traders are seeking to break the resistance (black line) and propel it above 12000.
I have placed the blue trend line also to assist illustrate this idea better. Target remains at 14400. Should a breakdown occur that would take the price action below this 200 MA then we would be looking at reassessing the idea and a downside target would be sought.
I have placed the blue trend line also to assist illustrate this idea better. Target remains at 14400. Should a breakdown occur that would take the price action below this 200 MA then we would be looking at reassessing the idea and a downside target would be sought.