Price is trading inside the Cloud in neutral territory. From a Ichimoku
perspective, with slightly higher highs/lows, it may be waiting for a
bullish Cloud twist, before making a real breakout attempt to the
upside. Ofcourse, Bulls may worry that price has moved below the
Weekly pivot point at 122, but we do see the yet untraded Monthly
pivot point at 114.5 which price tend to gravitate to, especially in
neutral trend like now. It is likely to see a test of it and it is also
unlikely that it crash through it to the downside, at least without a
retest. If price takes out the 108 and close below it, we might see
a sharper drop. But the most likely scenario is some more sideways
action before a Cloud twist and possible buy signal with a close above
the Cloud on this timeframe.
perspective, with slightly higher highs/lows, it may be waiting for a
bullish Cloud twist, before making a real breakout attempt to the
upside. Ofcourse, Bulls may worry that price has moved below the
Weekly pivot point at 122, but we do see the yet untraded Monthly
pivot point at 114.5 which price tend to gravitate to, especially in
neutral trend like now. It is likely to see a test of it and it is also
unlikely that it crash through it to the downside, at least without a
retest. If price takes out the 108 and close below it, we might see
a sharper drop. But the most likely scenario is some more sideways
action before a Cloud twist and possible buy signal with a close above
the Cloud on this timeframe.
