Breakout of corrective channel now printed.
Momentum a bit overbought, may see a pullback but a healthy test of orange channel low, blue channel high (breakout point) would be good to (a) shake out weak hands who rushed to buy the breakout (b) establish a foundation for the next leg up.
Key upside levels to watch are 1,000 and 1150. Both logical (BRN = Big Round Numbers) and technical/price-action worthy price points.
Break back into the corrective structure could signal more selling to come, but for now it looks like a med-term base is in.
Momentum a bit overbought, may see a pullback but a healthy test of orange channel low, blue channel high (breakout point) would be good to (a) shake out weak hands who rushed to buy the breakout (b) establish a foundation for the next leg up.
Key upside levels to watch are 1,000 and 1150. Both logical (BRN = Big Round Numbers) and technical/price-action worthy price points.
Break back into the corrective structure could signal more selling to come, but for now it looks like a med-term base is in.
Comment:
Retest of primary channel breakout printed. Bulls need to breach 850.
Comment:
Range-bound overnight, but looking like the breach of 850 is imminent.
Regardless, near-term bias is to the upside as selling pressure has subsided for now. With the market a bit stretched off the near-capitulation lows, a pullback would be welcomed.