Price has tested and broken inside of the Cloud on daily timeframe, thus
shifting the trend from bearish to neutral. We also see how it bounced off
the broken SMA200before entering the Cloud. If we see continuation above
the 38,2 fib at 83,50, next likely level is the 50% fib which aligns with the
upper Cloud resistance. Above that, if broken, its the 61,8 fib/Monthly R1
at 107,50 that will be the next challenge. On the H4 timeframe I also drew
the trendline from the all time high, which can be drawn in two ways creating
a channel. This has also been broken, which is quite bullish. As long as price
trades above the 72,0 mark prospects remains bullish short term.
shifting the trend from bearish to neutral. We also see how it bounced off
the broken SMA200before entering the Cloud. If we see continuation above
the 38,2 fib at 83,50, next likely level is the 50% fib which aligns with the
upper Cloud resistance. Above that, if broken, its the 61,8 fib/Monthly R1
at 107,50 that will be the next challenge. On the H4 timeframe I also drew
the trendline from the all time high, which can be drawn in two ways creating
a channel. This has also been broken, which is quite bullish. As long as price
trades above the 72,0 mark prospects remains bullish short term.